Question
Entries for issuing no-par stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 625,000 shares of no-par common stock (with a
Entries for issuing no-par stock
On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 625,000 shares of no-par common stock (with a stated value of $2.25) at $5, and on June 30, it issued for cash 22,000 shares of preferred stock, $50 par at $62.
a. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.
| Date | Account | Debit | Credit |
|---|---|---|---|
| May 15 |
| - Select - | - Select - |
| - Select - | - Select - | ||
| - Select - | - Select - | ||
| June 30 |
| - Select - | - Select - |
|
| - Select - | - Select - | |
| - Select - | - Select - |
Question Content Area
b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
15th edition
978-1118159644, 9781118562185, 1118159640, 1118147294, 978-1118147290
