Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entries for Issuing Par Stock On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 120,000 shares of $4 par common stock

image text in transcribed

Entries for Issuing Par Stock On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 120,000 shares of $4 par common stock at $7, and on November 19, it issued for cash 60,000 shares of $15 par preferred stock at $51. a. Journalize the entries for October 31 and November 19. For a compound transaction, if an amount box does not require an entry, leave it blank. Oct. 31 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 b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

Financial Accounting

Authors: Belverd E. Needles, Marian Powers

11th edition

1133769314, 053847601X, 9781133715023, 978-1133769316, 1133715028, 978-0538476010

More Books

Students also viewed these Accounting questions

Question

Check on national initiatives in the field of sustainability.

Answered: 1 week ago