On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of no-par common stock (with a stated value of $5) at $15, and on June 30, it issued for cash 25,000 shares of preferred stock, $70 par at $73. a.  Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 15   fill in the blank 87fa3303cfb5f86_2 fill in the blank 87fa3303cfb5f86_3     fill in the blank 87fa3303cfb5f86_5 fill in the blank 87fa3303cfb5f86_6     fill in the blank 87fa3303cfb5f86_8 fill in the blank 87fa3303cfb5f86_9 June 30   fill in the blank 87fa3303cfb5f86_11 fill in the blank 87fa3303cfb5f86_12     fill in the blank 87fa3303cfb5f86_14 fill in the blank 87fa3303cfb5f86_15     fill in the blank 87fa3303cfb5f86_17 fill in the blank 87fa3303cfb5f86_18 b.  What is the total amount invested (total paid-in capital) by all stockholders as of June 30?

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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Entries for Issuing No-Par Stock

On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of no-par common stock (with a stated value of $5) at $15, and on June 30, it issued for cash 25,000 shares of preferred stock, $70 par at $73.

a.  Journalize the entries for May 15 and June 30, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.

May 15   fill in the blank 87fa3303cfb5f86_2 fill in the blank 87fa3303cfb5f86_3
    fill in the blank 87fa3303cfb5f86_5 fill in the blank 87fa3303cfb5f86_6
    fill in the blank 87fa3303cfb5f86_8 fill in the blank 87fa3303cfb5f86_9
June 30   fill in the blank 87fa3303cfb5f86_11 fill in the blank 87fa3303cfb5f86_12
    fill in the blank 87fa3303cfb5f86_14 fill in the blank 87fa3303cfb5f86_15
    fill in the blank 87fa3303cfb5f86_17 fill in the blank 87fa3303cfb5f86_18

b.  What is the total amount invested (total paid-in capital) by all stockholders as of June 30?

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