P11-1A Journalize stock transactions, post, and prepare paid-in capital sections.

DeLong Corporation was organized on January 1, 2015. It is authorized to issue 10,000 shares of 8%, 100 par value preferred stock, and 50,000

shares of no-par common stock. The following stock transactions were completed during the first year.

10-Jan

Issued 80,000 shares of common stock for cash at $4 per share.

1-Mar

Issued 5,000 shares of preferred stock for cash at $105 per share.

1-Apr

Issued 24,000 shares of common stock for land. The asking price of the land was $90,000. The fair value of the land was $85,000.

1-May

Declared a cash dividend on common stock in the amount of $50,000.

1-Jun

Paid cash dividends declared on May 1st.

1-Sep

Issued 10,000 shares of common stock for cash at $5 per share.

1-Nov

Issued 1,000 shares of preferred stock for cash at $109 per share.

Instructions

(a) Journalize the transactions.

	General Journal
	(a)
	Date			DR		CR
	1-Jan
	1-Mar
	1-Apr
	1-May
	1-Jun
	1-Sep
	1-Nov
	Totals