Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ANKSHEET ANKSHEET A.BLANKSHEET eBook Oct. 31 Entries for Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares

ANKSHEET ANKSHEET A.BLANKSHEET eBook Oct. 31 Entries for Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 320,000 shares of $5 par common stock at $12, and on November 19, it issued for cash 45,000 shares of preferred stock, $60 par at $72. a. Journalize the entries for October 31 and November 19. If an amount box does not require an entry, leave it blank. Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Nov. 19 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock Feedback Show Me How Feedback. Check My Work Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and what effect that has on recording the sale of stock. Feedback b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?. Check My Work Partially correct 000 000 000 000 Check My Work Paid-in capital refers to how much has been paid into the corporation by stockholders in order to be owners.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions