Land Common Stock(300,000x$1) Paid in Capital in excess of Par-common stock (to record the issue of share) 1,200,000 300,000 900,000 11. Cash(120,000 shares x$1 par value) Common Stock (to record the issue of Common Stock) 120,000 120,000 111. Cash(25,500.00 shares x$20 per share) Preferred Stock (to record the issue of preferred stock) 510,000 510,000.00 1v. Income Summary To Retained Earning 764,000 764,000 v. No transaction dividend has already been paid. V1. No transaction Dividend has already been paid. Prepare the closing entries for these transactions
Land Common Stock(300,000x$1) Paid in Capital in excess of Par-common stock (to record the issue of share) 1,200,000 300,000 900,000 11. Cash(120,000 shares x$1 par value) Common Stock (to record the issue of Common Stock) 120,000 120,000 111. Cash(25,500.00 shares x$20 per share) Preferred Stock (to record the issue of preferred stock) 510,000 510,000.00 1v. Income Summary To Retained Earning 764,000 764,000 v. No transaction dividend has already been paid. V1. No transaction Dividend has already been paid. Prepare the closing entries for these transactions
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 7SPB: STATED VALUE, COMMON AND PREFERRED STOCK, AND NONCASH ASSETS Dans Hobby Stores had the following...
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Question
|
DETAILS |
DR($) |
CR($) |
1 |
Land Common Stock(300,000x$1) Paid in Capital in excess of Par-common stock (to record the issue of share) |
1,200,000 |
300,000 900,000 |
11. |
Cash(120,000 shares x$1 par value) Common Stock (to record the issue of Common Stock)
|
120,000 |
120,000 |
111. |
Cash(25,500.00 shares x$20 per share) (to record the issue of preferred stock) |
510,000 |
510,000.00 |
1v. |
Income Summary To |
764,000 |
764,000 |
v. |
No transaction dividend has already been paid. |
|
|
V1. |
No transaction Dividend has already been paid. Prepare the closing entries for these transactions |
|
|
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