Issuing Stock Willow Creek Nursery, with an authorization of 20,000 shares of preferred stock and 310,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Cash 354,000 Land 61,000 Buildings 124,400 Preferred 2% Stock, $100 par 180,000 Paid-In Capital in Excess of Par—Preferred Stock 5,400 Common Stock, $40 par 240,000 Paid-In Capital in Excess of Par—Common Stock 114,000 539,400 539,400 All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Question Content Area Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. If an amount box does not require an entry, leave it blank. 1. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area 2. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
Issuing Stock Willow Creek Nursery, with an authorization of 20,000 shares of preferred stock and 310,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Cash 354,000 Land 61,000 Buildings 124,400 Preferred 2% Stock, $100 par 180,000 Paid-In Capital in Excess of Par—Preferred Stock 5,400 Common Stock, $40 par 240,000 Paid-In Capital in Excess of Par—Common Stock 114,000 539,400 539,400 All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Question Content Area Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. If an amount box does not require an entry, leave it blank. 1. - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area 2. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select -
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 8SPA: STOCK SUBSCRIPTIONS Juneau Associates had the following stock transactions during the year: (a)...
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Issuing Stock
Willow Creek Nursery, with an authorization of 20,000 shares of
Cash | 354,000 | ||
Land | 61,000 | ||
Buildings | 124,400 | ||
Preferred 2% Stock, $100 par | 180,000 | ||
Paid-In Capital in Excess of Par—Preferred Stock | 5,400 | ||
Common Stock, $40 par | 240,000 | ||
Paid-In Capital in Excess of Par—Common Stock | 114,000 | ||
539,400 | 539,400 |
All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.
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