HW_9 Answers - (10-15 min E 9-18 Req 1 Journal DATE ACCOUNT...

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Unformatted text preview: (10-15 min.) E 9-18 Req. 1 Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT July 19 Cash (10,000 × $6.50)………………… 65,000 Common Stock (10,000 × $2.50)... 25,000 Paid-in Capital in Excess of Par - Common.............................. 40,000 Oct. 3 Cash...................................................... 50,000 Preferred Stock.............................. 50,000 11 Inventory.............................................. 11,000 Equipment............................................ 8,500 Common Stock (3,300 × $2.50)..... 8,250 Paid-in Capital in Excess of Par - Common.............................. 11,250 Req. 2 Stockholders’ equity: Preferred stock, $1.50, no par 5,000 shares authorized, 500 shares issued……… $50,000 Common stock, $2.50 par, 100,000 shares authorized, 13,300 shares issued… 33,250 Paid-in capital in excess of par-common ($40,000 + $11,250) ………………………………………....
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This note was uploaded on 04/03/2012 for the course ACCT 23020 taught by Professor Dorff,p during the Spring '08 term at Kent State.

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HW_9 Answers - (10-15 min E 9-18 Req 1 Journal DATE ACCOUNT...

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