Editing Analysis A B 1 ALT-STOCK-ISSUANCE D F E TOTAL SCORE: G 2 H 0/17 1 3 There are 5 problems in this set. Choose a number between 1 and 5: 4 1 DEBIT CREDIT GRADE 5 LINE DATE GENERAL JOURNAL 6 1 1/1/2017 7 2 8 3 9 4 1/10/2017 10 5 0 Date Transaction 1/1/2017 Carlyle Corporation issued 100,000 shares of $1.00 par common stock at a price of $1.00 per share. 0 6 0 0 0 1/10/2017 Carlyle Corporation issued 40,000 shares of $1.00 par common stock at a price of $1.50 per share. 7 8 1/15/2017 9 11 12 13 14 15 16 17 18 . 0 0 10 11 12 1/15/2017 Carlyle Corporation issued 800 shares of $100 par preferred stock, with dividend rate of 4.00%. The shares were issued at par. 1/20/2017 13 0 19 20 14 15 0 0 1/20/2017 Carlyle Corporation purchased land with fair market value of $24,000 by issuing 5,000 shares of $1.00 par common stock. Use the FMV of the land to value the transaction, because Carlyle's stock is not traded on an exchange. 16 21 22 17 1/31/2017 0 23 24 18 19 1/31/2017 Carlyle earned revenue on account this month of $70,000 0 25 1/31/2017 20 21 0 1/31/2017 Carlyle incurred expenses on account of $55,000. 0 22 26 27 28 29 30 31 1/31/2017 0 23 24 25 26 CLOSING THE ACCOUNTS 1/31/2017 Debit Revenue for total revenue earned. Credit Expenses for total expenses incurred. Credit the net income amount to Retained Earnings. 0 0 22 ALT-STOCK-ISSUANCE + *Note: In order to cave enace in the lournal Lucar : Ready 33 28 29 34 30 *Note: In order to save space in the journal, I used an abbreviated closing strategy, by closing revenues and expenses directly to Retained Earnings, rather than using an Income Summary account. The revenues are debited, the expenses are credited, and the difference is the net income. 31 32 35 36 37 38 39 40 41 42 43 DEBIT CREDIT 44 45 46 47 TRIAL BALANCE CASH ACCOUNTS RECEIVABLE LAND ACCOUNTS PAYABLE COMMON STOCK COMMON STOCK DISTRIBUTABLE PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK RETAINED EARNINGS REVENUE EXPENSES 48 49 50 51 0 52 0 53 IN BALANCE 54 55 56 57 BALANCE SHEET CASH ACCOUNTS RECEIVABLE LAND TOTAL ASSETS 58 0 59 60 61 62 63 ACCOUNTS PAYABLE COMMON STOCK ALT-STOCK-ISSUANCE Ready B A C D E F H G 54 55 56 57 58 BALANCE SHEET CASH ACCOUNTS RECEIVABLE LAND TOTAL ASSETS 0 59 60 61 ACCOUNTS PAYABLE COMMON STOCK PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK TOTAL PAID IN CAPITAL RETAINED EARNINGS TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 0 #VALUE! #VALUE! 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 ALT-STOCK-ISSUANCE +