Question

On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 79,500 shares of $10...

On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 79,500 shares of $10 par common stock at $11, and on November 19, it issued for cash 19,070 shares of preferred stock, $45 par at $56.

Required:

A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles.
B.

What is the total amount invested (total paid-in capital) by all stockholders as of November 19?

CHART OF ACCOUNTS
Legacy Rocks 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
312 Paid-In Capital in Excess of Par-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

A. Journalize the entries for October 31 and November 19. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

2

3

4

5

6
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Homework Answers

Answer #1
A. Date Description Post. Ref. Debit Credit Assets Liabilities Equity
1 Oct. 31 Cash (79500 x $11) 874500 874500
2 Common stock (79500 x $10) 795000 795000
3 Paid-in capital in excess of par-common stock (79500 x $1) 79500 79500
4 Nov. 19 Cash (19070 x $56) 1067920 1067920
5 Preferred stock (19070 x $45) 858150 858150
6 Paid-in capital in excess of par-preferred stock (19070 x $11) 209770 209770

B. Total amount invested (total paid-in capital) by all stockholders as of November 19: $1942420.

(79500 x $11) + (19070 x $56) = $1942420.

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