Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc , a marble contractor, issued for cash 30,000 shares of $15 par common stock at $51, and on February 27, it issued for cash 110,000 shares of preferred stock, $5 par at $7 a Journalize the entries for January 22 and February 27 If an amount box does not require an entry, leave it blank Jan 22 CashCommon StockPaid In Capital in Excess of Par Common StockPaid In Capital in Excess of Par Preferred StockPreferred StockCash CashCommon StockPaid In Capital in Excess of Par Preferred StockPreferred StockRetained EarningsCommon Stock CashDividends PayablePaid In Capital in Excess of Par Common StockPaid In Capital in Excess of Par Preferred StockPreferred StockPaid In Capital in Excess of Par Common Stock Feb 27 CashCommon StockPaid In Capital in Excess of Par Common StockPaid In Capital in Excess of Par Preferred StockPreferred StockCash CashCommon StockPaid In Capital in Excess of Par Common StockPreferred StockRetained EarningsPreferred Stock CashCommon StockDividends PayablePaid In Capital in Excess of Par Common StockPaid In Capital in Excess of Par Preferred StockPaid In Capital in Excess of Par Preferred Stock b What is the total amount invested (total paid in capital) by all stockholders as of February 27

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 22, 2024

Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 30,000 shares of $15 par common stock

Entries for Issuing Par Stock

On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 30,000 shares of $15 par common stock at $51, and on February 27, it issued for cash 110,000 shares of preferred stock, $5 par at $7.

a. Journalize the entries for January 22 and February 27.

If an amount box does not require an entry, leave it blank.

Jan. 22	CashCommon StockPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockCash
	CashCommon StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained EarningsCommon Stock
	CashDividends PayablePaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockPaid-In Capital in Excess of Par-Common Stock
Feb. 27	CashCommon StockPaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockCash
	CashCommon StockPaid-In Capital in Excess of Par-Common StockPreferred StockRetained EarningsPreferred Stock
	CashCommon StockDividends PayablePaid-In Capital in Excess of Par-Common StockPaid-In Capital in Excess of Par-Preferred StockPaid-In Capital in Excess of Par-Preferred Stock