AP-5901Q_SHE - PROBLEM NO. 1 - Resolve Corporation Date...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Date Particulars 12.31.05 (Debit) Credit Balance Preferred stock 1/31 3,000,000 3,420,000 8/30 420,000 Common stock 1/1 15,000 204,000 (1) C 2/20 90,000 8/30 18,000 8/30 21,000 11/07 60,000 Subscribed common stock 5/30 120,000 60,000 11/07 (60,000) Subscription receivable 5/30 (5,400,000) (1,200,000) 11/07 4,200,000 Additional paid in capital - preferred 1/31 1,500,000 1,545,000 (2) C 1/31 (225,000) 8/30 270,000 Additional paid in capital - common 1/1 705,000 10,851,000 (3) C 2/20 3,420,000 2/20 (75,000) 5/30 5,280,000 8/30 702,000 8/30 819,000 Retained earnings 12/01 (870,000) 930,000 (4) D 12/31 1,800,000 15,810,000 (5) B Journal entries for 2005 1/1 Property 510,000 Organization expenses 210,000 Common stock (1,500 shares x P10) 15,000 APIC - excess over par of common stock 705,000 1/31 Cash (30,000 shares x P150) 4,500,000 Preferred stock (30,000 shares x P100) 3,000,000 APIC - excess over par of preferred stock 1,500,000 APIC - excess over par of preferred stock 225,000 Cash 225,000 2/20 Cash (9,000 shares x P390) 3,510,000 Common stock (9,000 shares x P10) 90,000 APIC - excess over par of common stock 3,420,000 APIC - excess over par of common stock 75,000 Cash 75,000 5/30 Subscriptions receivable (12,000 shares x P450) 5,400,000 Subscribed common stock (12,000 shares x P10) 120,000 APIC - excess over par of common stock 5,280,000 8/30 Cash 720,000 Common stock (1,800 shares x P10) 18,000 APIC - excess over par of common stock 702,000 Building 1,530,000 Common stock (2,100 shares x P10) 21,000 APIC - excess over par of common [(2,100 sh x P400*)-21,000] 819,000 Preferred stock (4,200 shares x P100) 420,000 APIC - excess over par of preferred stock (balance) 270,000 '* (P720,000/1,800 shares) 11/07 Cash 4,200,000 Subscriptions receivable 4,200,000 Subscribed common stock (12,000 shares x P10 x 1/2) 60,000 Common stock 60,000 12/01 Retained earnings 870,000 Dividends payable - Preferred 342,000 * Dividends payable - Common 528,000 ** * (P3,420,000/P100 x P10) ** {[(P204,000 + P60,000)/P10] x P20} 12/31 Income summary 1,800,000 Retained earnings 1,800,000 AP-5801Q PROBLEM NO. 1 - Resolve Corporation
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2005 12.31.04 Transactions 12.31.05 Preferred stock 600,000 600,000 1 D Common stock 1,800,000 (2) 216,000 2,016,000 2 B Additional paid in capital 300,000 (1) 9,000 864,000 3 B (2) 54,000 (7) 450,000 (7) 51,000 Retained earnings - appropriated 198,000 (5) 60,000 303,000 4 B (9) 45,000 Retained earnings - unappropriated 2,250,000 (2) (270,000) 2,578,500 5 C (3) (57,000) (5) (60,000) (7) (501,000)
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 6

AP-5901Q_SHE - PROBLEM NO. 1 - Resolve Corporation Date...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online