Question
On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 70,300 shares of $10 parcommon stockat $15, and on November 19, it issued
On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 70,300 shares of $10 parcommon stockat $15, and on November 19, it issued for cash 18,450 shares ofpreferred stock, $45 par at $56. Required:
A.Journalize the entries for October 31 and November 19. 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 November 19?
CHART OF ACCOUNTSLegacy Rocks Inc.General Ledger
ASSETS
110 Cash
120Accounts Receivable
131 Notes Receivable
132 Interest Receivable
141 Merchandise Inventory
145 Office Supplies
151 Prepaid Insurance
181 Land
193 Equipment
194 Accumulated Depreciation-Equipment
LIABILITIES
210 Accounts Payable
221 Notes Payable
226 nterest Payable
231 Cash Dividends Payable
236 Stock Dividends Distributable
241 Salaries Payable
261 Mortgage Note Payable
EQUITY
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
390 Income Summary
REVENUE
410 Sales
610 Interest Revenue
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