I need some help on how to solve all the questions.
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On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 703,000 shares of no-par common stock (with a stated value of S1.50) at $4.20, and on June 30, it issued for cash 21,400 shares of preferred stock, $55 par at $61 Required: A. Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. Refer to the Chart of Accounts for exact wording of account tites B. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Journal Shaded cells have feedback A. Journalize the entries for May 15 and June 30, assuming that the comnmon stock is to be credited with the stated value. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL Score: 48/75 DATE DESCRIPTION POST. REF DEBIT CREDIT 295,260.00 Cash Common Stock Paid-In Capital in Excess of Stated Value-Common Stock Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock 105450.00 B. What is the total amount invested (total paid-in capital) by all stockholders as of June 30? Willow Creek Nursery, with an authorization of 75,000 shares of preferred stock and 200,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Willow Creek Nursery UNADJUSTED TRIAL BALANCE October 1, 20 ACCOUNT TITLE DEBIT CREDIT 4719,000.00 835,000.00 2,490,000.00 1 Cash 2 Land 3 Buildings 4 Common Stock S Paid-In Capital in Excess of Par-Common Stock 6 Preferred Stock 7 Paid-In Capital in Excess of Par-Preferred Stock 4,290,000.00 429,000.00 2,625,000.00 700,000.00 8,044,000.00 8,044,000.00 8 Totas common stock has a S30 par value and the preferred stock is 1%, 75 par value. All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Journalize the two entries to record the transactions summarized in the triai balance. Refer to the Chart of Accounts for exact wording of account titles. Journalize the two entries to record the transactions summarized in the trial balance. Refer to the Chart of Accounts for exact wording of account titles PAGE 1 JOURNAL Score: 73/87 DATE DESCRIPTION POST. REF DEBIT CREDIT Oct. 1" Cash 378,000.00 Common Stock 3,600,000.00 Paid-In Capital in Excess of Par-Common Stock 1,800,000.00 Oct. 1 Land 840,000.00 Buildings 2,380,000.00 Preferred Stock 2,800,000.00 420,000.00 Paid-In Capita in Excess of Par-Preferred Stock On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, S50 par (250,000 shares authorized, 82,000 shares issued) Paid-In Capital in Excess of Par-Preferred Stock Common Stock, $30 par (1,000,000 shares authorized, 402,000 shares issued) Paid-In Capital in Excess of Par-Common Stock Retained Earnings $4,100,000 656,000 12,060,000 1,206,000 193,830,000 At the annual stockholders meeting on March 31, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately S11,000,000. The plan provided (a) that a building, valued at $3,301,000, and the land on which it is located, valued at $692,000, be acquired in accordance with preliminary negotiations by the issuance of 121,000 shares of common stock, (b) that 41,000 shares of the unissued preferred stock be issued through an underwriter, and (c) that the corporation borrow $3,750,000. The plan was approved by the stockholders and accomplished by the following transactions: May 11 Issued 121,000 shares of cornmon stock in exchange for land and a building, according to the plan. 20 Issued 41,000 shares of preferred stock, receiving $53 per share in cash Borrowed $3.750,000 from Laurel National, giving a 6% mortgage note. 31 Journalize the entries to record the May transactions. Refer to the Chart of Accounts for exact wording of account titles. Journalize the entries to record the May transactions. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? PAGE 10 JOURNAL Score: 104/112 DATE DESCRIPTION POST. REF DEBIT CREDIT May 11 Land 3,301,000.00 Building 692,000.00 363,000.00 Common Stock 363,000.00 Paid-In Capital in Excess of Par-Common Stock May 20 Cash 21,173,000.00 2050,000.00 Preferred Stock 123,000.00 Paid-In Capital in Excess of Par-Preferred Stock 3,750,000.00 May 31 Cash Mortgage Note Payable 3,750,000.00
