Cate Corp. was organized on March 1, 20x1, to operate a delivery service. The firm is authorized to issue 75,000 shares of no-par- value common stock with a stated value of $100 per share and 30,000 shares of $100 par-value, 8 percent preferred stock that is nonparticipating and noncumulative. Selected transactions that took place during March 20x1 follow. 101 Cash 114 Subscriptions Receivable-Common Stock 115 Subscriptions Receivable-Preferred Stock 301 Common Stock 302 Common Stock Subcribed 305 Paid-in Capital in Excess of Stated Value-common 311 Preferred Stock 312 Preterred stock Subscribed 315 Paid-in Capital in Excess of Par Value-Proferred DATE TRANSACTIONS March 1 The corporation received ite charter. (Make a memorandum entry.) 1 Issued 550 shares of common stock for cash at $100 per share to Jere Harris. 3 Issued 300 shares of preferred stock for cash at par value to Gloria Amos. 5 Issued 300 shares of common stock for cash at $106 to Carolyn Reed. 5 Received a subcription for 350 shares of connon stock at $105 per share from Joan Patterson, payable in two installments due in 10 and 20 days. 14 Received a wabeription for 200 shares of preferred stock at $108 per share from Robert Tolliver, payable in two installments due in 15 and 30 days. 20 Received payment of a stook subeription installment due from Joan Patterson one-half of the purchase price nee March 5 transaction). 29 Received payment of a stock muboription installment due fron Robert Tolliver (one-half the purchase price- March 14 transaction). 30 received the balance due on the stock subscription of March 5 from Joan Patterson issued the stock. Required: 1. Record in general Journal form the transactions listed above, and post them to the general ledger accounts. 2. Prepare the Stockholders' Equity section of a balance sheet for Cate Corporation, as of March 31, 20X1. Analyze: What percentage of total stockholders' equity is held by common stockholders? Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Issued 550 shares of common stock for cash at $100 per share to Jerri Harris. Note: Enter debits before credits. General Journal Debit Credit Date Mar. 01, 20X1 Cash Common stock Record entry Clear entry View general Journal General Journal Ledger Accounts Balance Sheet Analyze Post general Journal transactions to the general ledger accounts. Cash Account No. 101 Subscriptions Recelvable Common Stock Date Debit Credit Balance Date Debit Account No. 114 Credit Balance Account No. 115 Subscriptions Receivable Preferred Stock Date Debit Common Stock Account No. 301 Credit Balance Date Debit Credit Balance Account No. 302 Common Stock Subscribed Debit Paid-in Capital in Excess of Stated Value-Common Date Debit Account No. 305 Date Credit Balance Credit Balance Account No. 115 Common Stock Account No. 301 ubscriptions Receivable- Preferred Stock Date Debit Credit Balance Date Debit Credit Balance Account No. 302 Account No. 305 Common Stock Subscribed Date Debit Paid-in Capital in Excess of Stated Value-Common Date Debit Credit Balance Credit Balance Account No. 311 Preferred Stock Date Debit Preferred Stock Subscribed Date Debit Account No. 312 Credit Balance Credit Balance Paid-in Capital in Excess of Par Value--Preferred Date Debit Account No. 315 Credit Balance General Journal Ledger Accounts Balance Sheet Analyze Prepare the Stockholders' Equity section of a balance sheet for Cate Corporation, as of March 31, 20X1. CATE CORPORATION Balance Sheet (Partial) March 31, 20X1 Stockholders' Equity Preferred stock 0 Common stock 0 Total Stockholders' Equity $ 0 General Journal Ledger Accounts Balance Sheet Analyze What percentage of total stockholders' equity is held by common stockholders? (Round your answert Equity held by common stockholders % Journal entry worksheet 1 2 3 4 5 6 7 8 9 > Issued 550 shares of common stock for cash at $100 per share to Jerri Harris. Note: Enter debits before credits. General Journal Debit Credit Date Mar. 01, 20X1 Cash Common stock Record entry Clear entry View general Journal General Journal Ledger Accounts Balance Sheet Analyze Post general Journal transactions to the general ledger accounts. Cash Account No. 101 Subscriptions Recelvable Common Stock Date Debit Credit Balance Date Debit Account No. 114 Credit Balance Account No. 115 Subscriptions Receivable Preferred Stock Date Debit Common Stock Account No. 301 Credit Balance Date Debit Credit Balance Account No. 302 Common Stock Subscribed Debit Paid-in Capital in Excess of Stated Value-Common Date Debit Account No. 305 Date Credit Balance Credit Balance Account No. 115 Common Stock Account No. 301 ubscriptions Receivable- Preferred Stock Date Debit Credit Balance Date Debit Credit Balance Account No. 302 Account No. 305 Common Stock Subscribed Date Debit Paid-in Capital in Excess of Stated Value-Common Date Debit Credit Balance Credit Balance Account No. 311 Preferred Stock Date Debit Preferred Stock Subscribed Date Debit Account No. 312 Credit Balance Credit Balance Paid-in Capital in Excess of Par Value--Preferred Date Debit Account No. 315 Credit Balance General Journal Ledger Accounts Balance Sheet Analyze Prepare the Stockholders' Equity section of a balance sheet for Cate Corporation, as of March 31, 20X1. CATE CORPORATION Balance Sheet (Partial) March 31, 20X1 Stockholders' Equity Preferred stock 0 Common stock 0 Total Stockholders' Equity $ 0 General Journal Ledger Accounts Balance Sheet Analyze What percentage of total stockholders' equity is held by common stockholders? (Round your answert Equity held by common stockholders %
