Answered step by step
Verified Expert Solution
Question
1 Approved Answer
hello I have attached a word doc, I just need help with Part B the stockholders equity accounts, please attach a excel or word doc
hello I have attached a word doc, I just need help with Part B the stockholders equity accounts, please attach a excel or word doc form. thanks deadline is 1 hour
DeLong Corporation was organized on January 1, 2017. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 550,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 80,500 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,400 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 24,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $87,500. May 1 Issued 85,000 shares of common stock for cash at $4.25 per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize. Sept 1 Issued 10,000 shares of common stock for cash at $6 per share. . Nov. 1 Issued 1,500 shares of preferred stock for cash at $115 per share. (a) Your answer is correct. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Dat Account Titles and e Explanation Cash 483,000 Common Stock 241,500 Paid-in Capital in E 241,500 Debi Credi t t Cash 462,000 Preferred Stock 440,000 Paid-in Capital in E 22,000 Land 87,500 Common Stock 73,500 Paid-in Capital in E 14,000 Cash 361,250 Common Stock 255,000 Paid-in Capital in E 106,250 Organization Expe 45,000 Common Stock 30,000 Paid-in Capital in E 15,000 Cash 60,000 Common Stock 30,000 Paid-in Capital in E 30,000 Cash 172,500 Preferred Stock 150,000 Paid-in Capital in E 22,500 Show List of Accounts Show Solution Show Answer Link to Text Link to Text Attempts: 3 of 3 used (b) Your answer is partially correct. Try again. Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Dat Explanatio Ref Debi Credi Balanc e n . t t e J5 440,000 J5 150,000 590,000 Common Stock Dat Explanatio Ref e n . J5 241,500 J5 73,500 J5 255,000 J5 30,000 Debit J5 Credit 30,000 Balance 630,000 Paid-in Capital in Excess of Par-Preferred Stock Dat Explanatio Ref e n . J5 Debit Credit Balance 22,000 J5 22,500 44,500 Paid-in Capital in Excess of Stated Value-Common Stock Dat Explanatio Ref e n . J5 241,500 Debit Credit Balance J5 106,250 J5 15,000 J5 30,000 J5 392,750Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started