Chapter 11 exercise

Chapter 11 exercise - Chapter 11 P11-1A Pinson Corporation...

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Chapter 11 P11-1A Pinson Corporation was organized on January 1, 2010. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Issued 80,000 shares of common stock for cash at $4 per share. Issued 12,000 shares of preferred stock for cash at $54 per share. Issued 120,000 shares of common stock for cash at $5 per share. Issued 5,000 shares of common stock for cash at $6 per share. Issued 3,000 shares of preferred stock for cash at $56 per share. Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (Use T accounts.)
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E11-1 During its first year of operations, Privat Corporation had these transactions pertaining to its common stock. Issued 70,000 shares for cash at $5 per share. Issued 40,000 shares for cash at $7 per share.
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This document was uploaded on 11/02/2011 for the course ECONOMIC ec 202 at Montgomery.

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Chapter 11 exercise - Chapter 11 P11-1A Pinson Corporation...

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