On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,600 shares of $45 par common stock at $55, and on February 27, it issued for cash 15,320 shares of preferred stock, $10 par at $15. Required: a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 73,600 shares of $45 par common stock at $55, and on February 27, it issued for cash 15,320 shares of preferred stock, $10 par at $15. Required: a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 6E
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