ACC 557 Week 7 Chapter 11 E11 7 E11 13

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WEEK 7
NOTE: REFER TO THE SCREENSHOT ON HOW TO FILL IN. ALSO TO VIEW WHAT IS IN THE ANSWER BOX CLICK ON THE BOX
EXERCISE 11-7

Mar. 2 Organization Expense 38,000 Common Stock (5,000 X $1) 5,000 Paid-in Capital in Excess of Par —Common Stock 33,000

June 12 Cash 475,000 Common Stock (60,000 X $1) 60,000 Paid-in Capital in Excess of Par —Common Stock 415,000

July 11 Cash (1,000 X $110) 110,000 Preferred Stock (1,000 X $100) 100,000 Paid-in Capital in Excess of Par Value—Preferred Stock (1,000 X $10) 10,000

Nov. 28 Treasury Stock 18,000 Cash 18,000

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Exercise 11-7

Your answer is correct.

Fallow Co. had the following transactions during the current
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ALSO TO VIEW WHAT IS IN THE ANSWER BOX CLICK ON THE BOX

(a) Feb. 1 Cash 120,000 Common Stock (25,000 X $1) 25,000 Paid-in Capital in Excess of Stated Value—Common Stock ($120,000 – $25,000) 95,000

Apr. 14 Cash 46,000 Paid-in Capital from Treasury Stock ($46,000 – $22,500) 23,500 Treasury Stock (9,000 X $2.50) 22,500

Sept. 3 Patents 42,000 Common Stock (7,000 X $1) 7,000 Paid-in Capital in Excess of Stated Value—Common Stock ($42,000 – $7,000) 35,000

Nov. 10 Treasury Stock 6,000 Cash 6,000

Dec. 31 Income Summary 452,000 Retained Earnings 452,000

(b)

Preferred Stock
Date

Explanation

Ref.

Debit

Credit

Balance
Jan. 1

Balance



400,000

Common Stock
Date

Explanation

Ref.

Debit

Credit

Balance
Jan. 1
Feb. 1
Sept. 3

Balance


J5
J5

25,000 7,000

1,000,000
1,025,000
1,032,000

PROBLEM 11-3A (Continued)

Paid-in Capital in Excess of Par—Preferred Stock
Date

Explanation

Ref.

Debit

Credit

Balance
Jan. 1

Balance



100,000

Paid-in Capital in Excess of Stated Value—Common Stock
Date

Explanation

Ref.

Debit

Credit

Balance
Jan. 1
Feb. 1
Sept. 3

Balance


J5
J5

95,000 35,000

1,450,000
1,545,000
1,580,000

Paid-in Capital from Treasury Stock
Date

Explanation

Ref.

Debit

Credit

Balance
Apr. 14

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