Question
2.) On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 70,300 shares of $10 par common stock at $15, and on November
2.) On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 70,300 shares of $10 par common stock at $15, and on November 19, it issued for cash 18,450 shares of preferred stock, $45 par at $56.
Required:
A. | Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles. |
B. | What is the total amount invested (total paid-in capital) by all stockholders as of November 19? |
Chart of Accounts
CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Legacy Rocks Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Journal
A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles.
PAGE 10
JOURNAL
ACCOUNTING EQUATION
DATE | DESCRIPTION | POST. REF. | DEBIT | CREDIT | ASSETS | LIABILITIES | EQUITY | |
---|---|---|---|---|---|---|---|---|
1 |
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
Final Question
B. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started