Chapter9 - (5-10 min.) E 9-20AReq. 1JournalDATEACCOUNT...

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Unformatted text preview: (5-10 min.) E 9-20AReq. 1JournalDATEACCOUNT TITLES AND EXPLANATIONDEBITCREDITJan.19Cash (12,000 $6.00)72,000Common Stock (12,000 $2.00)...24,000Paid-in Capital in Excess ofPar - Common..............................48,000Apr.3Cash......................................................54,000Preferred Stock..............................54,00011Inventory..............................................16,000Equipment............................................9,500Common Stock (3,700 $2.00).....7,400Paid-in Capital in Excess ofPar - Common..............................18,100Req. 2Stockholders equity:Preferred stock, $1.00, no par10,000 shares authorized, 400 shares issued$54,000Common stock, $2.00 par,19,000 shares authorized, 15,700 shares issued31,400Paid-in capital in excess of par-common($48,000 + $18,100).66,100Retained earnings (deficit).(43,000)Total stockholders equity.$108,500(10 min.) E 9-22APaid-in capital consists of:Preferred equity:Issued for cash (2,000 shares $120)...........$240,000Common equity:Issued for cash (22,000 shares $1.00)22,000Issued for organizing the corporation23,000Issued for patent..82,000Total paid-in capital$367,000Unused data:Net incomeDividends declaredShort-cut solution (also okay):1.$ 23,0002.82,0003.240,000 (2,000 $120)4.22,000 (22,000 $1.00)$367,000= Total paid-in capital(10 min.) E 9-25AJournalDATEACCOUNT TITLES AND EXPLANATIONDEBITCREDITMillionsb.Cash (8 million $13.50).108Common Stock (8 million $2.00)......
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This note was uploaded on 03/26/2011 for the course ACCOUNTING 102 taught by Professor Albert during the Spring '11 term at Karachi Institute of Economics & Technology.

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Chapter9 - (5-10 min.) E 9-20AReq. 1JournalDATEACCOUNT...

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