ACCOUNTING

Print by: Diana Urresta Waith AB116: Accounting II / 116_Unit 07 Assignment

*Problem 13-1A DeLong Corporation was organized on January 1, 2014. It is authorized to issue 14,800 shares of 8%, $100 par value preferred stock, and 497,600 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 75,400 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,600 shares of preferred stock for cash at $109 per share. Apr. 1 Issued 23,400 shares of common stock for land. The asking price of the land was $90,800. The fair value of the

land was $90,000. May 1 Issued 79,400 shares of common stock for cash at $4.70 per share. Aug. 1 Issued 10,400 shares of common stock to attorneys in payment of their bill of $43,900 for services performed in

helping the company organize. Sept. 1 Issued 11,900 shares of common stock for cash at $5 per share. Nov. 1 Issued 2,580 shares of preferred stock for cash at $110 per share.

Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit

Jan. 10

Mar. 1

Apr. 1

May 1

Aug. 1

Sept. 1

Nov. 1

Post to the stockholders’ equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock

Date Explanation Ref Debit Credit Balance

J5

J5

Common Stock

Date Explanation Ref Debit Credit Balance

J5

J5

J5

J5

J5

Paid-in Capital in Excess of Par-Preferred Stock

Date Explanation Ref Debit Credit Balance

J5

J5

Paid-in Capital in Excess of Stated Value-Common Stock

Date Explanation Ref Debit Credit Balance

J5

J5

J5

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