11-31 - 140,000 Shared authorized 1,400 shares issued and outstanding $63,000.00 Common stock $2par 525,000 shares authorized 64,300 Shares issued

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P11-31A (15-20 min) Req. 1 Journal Entry Accounts Debit Credit a. Cash (1,400*45) $63,000.00 Preferred Stock $63,000.00 b. Cash (2,300*3) $6,900.00 Common Stock (2,300*2) $4,600.00 Pais-In Capital in Excess-C $2,300.00 c. Income Summary $79,000.00 Returned Earnings $79,000.00 Req. 2 Stockholders' Equity Paid–in Capital: Preferred Stock, 5%, $45 par
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Unformatted text preview: 140,000 Shared authorized, 1,400 shares issued and outstanding $63,000.00 Common stock, $2par, 525,000 shares authorized, 64,300 Shares issued and outstanding $128,600.00 Paid-in Capital in excess of par-common $443,000.00 Total paid-in capital $235,900.00 Retained earnings $107,000.00 $342,900.00...
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This note was uploaded on 08/09/2011 for the course ACCOUNTING --- taught by Professor --- during the Spring '11 term at Universidad Iberoamericana.

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