Journalize the entries to record the following transactions for
Mountain Realty Inc. Refer to the Chart of Accounts for exact
wording of account titles.
|
Aug. |
26 |
Issued for cash 108,000 shares of
no-par common stock (with a stated value of $5) at $9. |
|
Oct. |
1 |
Issued at par value 43,000 shares
of preferred 1% stock, $10 par for cash. |
|
Nov. |
30 |
Issued for cash 15,000 shares of
preferred 1% stock, $10 par at $12 . |
Chart of Accounts
| CHART
OF ACCOUNTS |
|
Mountain Realty Inc. |
|
General Ledger |
|
ASSETS |
| 110 |
Cash |
| 120 |
Accounts Receivable |
| 131 |
Notes Receivable |
| 132 |
Interest Receivable |
| 141 |
Merchandise Inventory |
| 145 |
Office Supplies |
| 151 |
Prepaid Insurance |
| 181 |
Land |
| 193 |
Equipment |
| 194 |
Accumulated
Depreciation-Equipment |
|
LIABILITIES |
| 210 |
Accounts Payable |
| 221 |
Notes Payable |
| 226 |
Interest Payable |
| 231 |
Cash Dividends Payable |
| 236 |
Stock Dividends Distributable |
| 241 |
Salaries Payable |
| 261 |
Mortgage Note Payable |
|
EQUITY |
| 311 |
Common Stock |
| 313 |
Paid-In Capital in Excess of Stated
Value-Common Stock |
| 315 |
Treasury Stock |
| 321 |
Preferred Stock |
| 322 |
Paid-In Capital in Excess of
Par-Preferred Stock |
| 331 |
Paid-In Capital from Sale of
Treasury Stock |
| 340 |
Retained Earnings |
| 351 |
Cash Dividends |
| 352 |
Stock Dividends |
| 390 |
Income Summary |
|
|
REVENUE |
| 410 |
Sales |
| 610 |
Interest Revenue |
|
EXPENSES |
| 510 |
Cost of Merchandise Sold |
| 515 |
Credit Card Expense |
| 520 |
Salaries Expense |
| 531 |
Advertising Expense |
| 532 |
Delivery Expense |
| 533 |
Selling Expenses |
| 534 |
Rent Expense |
| 535 |
Insurance Expense |
| 536 |
Office Supplies Expense |
| 537 |
Organizational Expenses |
| 562 |
Depreciation Expense-Equipment |
| 590 |
Miscellaneous Expense |
| 710 |
Interest Expense |
|