Recitation Chs 11,13,15 sol.

Recitation Chs 11,13,15 sol. - (5-10 min.) E...

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Unformatted text preview: (5-10 min.) E 11-14JournalDATEACCOUNTS AND EXPLANATIONSPOST.REF.DEBITCREDIT2007May1Equipment15,000Note Payable, Short-term15,000Dec.31Interest Expense($15,000 .08 8/12)800Interest Payable8002008May1Note Payable, Short-term15,000Interest Payable800Interest Expense($15,000 .08 4/12)400Cash [$15,000 + ($15,000 .08)]16,200(15-20 min.) E 13-17Req. 1JournalDATEACCOUNTS AND EXPLANATIONSPOST.REF.DEBITCREDITAug.6Cash13,000Common Stock (500 $1)500Paid-in Capital in Excess ofPar12,500Issued common stock.12Cash20,000Preferred Stock20,000Issued preferred stock.14Land26,000Common Stock (1,000 $1)1,000Paid-in Capital in Excess ofPar25,000Issued common stock for land.31Income Summary40,000Retained Earnings40,000Closed net income to RetainedEarnings.(continued) E 13-17Req. 2Stockholders EquityPaid-in capital:Preferred stock, $3, no-par, 100,000 shares authorized, 300 shares issued$20,000Common stock, $1 par, 500,000 shares authorized, 1,500 shares issued1,500Paid-in capital in excess of par...
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Recitation Chs 11,13,15 sol. - (5-10 min.) E...

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