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 $1 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 titles b What is the total amount invested (total paid in capital) by all stockholders as of June 30 CHART OF ACCOUNTSHelena Carpet 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 313 Paid In Capital in Excess of Stated Value 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 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

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Posted on May 30, 2024

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 $1.50) at

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 $1.50) 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 titles.

b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?

CHART OF ACCOUNTSHelena Carpet 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
313	Paid-In Capital in Excess of Stated Value-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

	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