On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 70,300 shares of $45 par common stock at $56, and on February 27, it issued for cash 18,450 shares of preferred stock, $10 par at $15.

Required:

a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles.

b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?

CHART OF ACCOUNTS

Jefferson County Rocks Inc.

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Inventory
145	Office Supplies
151	Prepaid Insurance
181	Land
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
226	Interest Payable
231	Cash Dividends Payable
241	Salaries Payable
261	Mortgage Note Payable

	EQUITY
236	Stock Dividends Distributable
311	Common Stock
312	Paid-In Capital in Excess of Par-Common Stock
315	Treasury Stock
321	Preferred Stock
322	Paid-In Capital in Excess of Par-Preferred Stock
331	Paid-In Capital from Sale of Treasury Stock
340	Retained Earnings
351	Cash Dividends
352	Stock Dividends b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
515	Credit Card Expense
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Selling Expenses
534	Rent Expense
535	Insurance Expense
536	Office Supplies Expense
537	Organizational Expenses
562	Depreciation Expense-Equipment
590	Miscellaneous Expense
710	Interest Expense