Question

Problem 11-1A

DeLong Corporation was organized on January 1, 2017. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock, and 521,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 81,500 shares of common stock for cash at $6 per share.
Mar. 1 Issued 4,400 shares of preferred stock for cash at $105 per share.
Apr. 1 Issued 22,500 shares of common stock for land. The asking price of the land was $90,500. The fair value of the land was $89,000.
May 1 Issued 80,000 shares of common stock for cash at $4.25 per share.
Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $39,500 for services performed in helping the company organize.
Sept. 1 Issued 11,500 shares of common stock for cash at $7 per share.
Nov. 1 Issued 3,000 shares of preferred stock for cash at $110 per share.

Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date
Account Titles and Explanation
Debit
Credit

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

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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

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5
Common Stock
Date
Explanation
Ref.
Debit
Credit
Balance

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5
Paid-in Capital in Excess of Par-Preferred Stock
Date
Explanation
Ref.
Debit
Credit
Balance

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5
Paid-in Capital in Excess of Stated Value-Common Stock
Date
Explanation
Ref.
Debit
Credit
Balance

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

Jan. 10
Mar. 1
Apr. 1
May 1
Aug. 1
Sept. 1
Nov. 1

J5

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Prepare the paid-in capital section of stockholders’ equity at December 31, 2017. (Enter the account name only and do not provide the descriptive information provided in the question.)

DELONG CORPORATION
Balance Sheet (Partial)

For the Year Ended December 31, 2017
For the Month Ended December 31, 2017
December 31, 2017

Additional Paid-in Capital
Capital Stock
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Paid-in Capital
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Additional Paid-in Capital
Total Assets
Total Capital Stock
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity

Additional Paid-in Capital
Capital Stock
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Paid-in Capital
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Additional Paid-in Capital
Total Assets
Total Capital Stock
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
$
    
Additional Paid-in Capital    
Capital Stock    
Current Assets    
Current Liabilities    
Expenses    
Intangible Assets    
Long-term Investments    
Long-term Liabilities    
Net Income / (Loss)    
Paid-in Capital    
Property, Plant and Equipment    
Revenues    
Stockholders' Equity    
Total Additional Paid-in Capital    
Total Assets    
Total Capital Stock    
Total Current Assets    
Total Current Liabilities    
Total Expenses    
Total Intangible Assets    
Total Liabilities    
Total Liabilities and Stockholders' Equity    
Total Long-term Investments    
Total Long-term Liabilities    
Total Paid-in Capital    
Total Paid-in Capital and Retained Earnings    
Total Property, Plant and Equipment    
Total Revenues    
Total Stockholders' Equity    

Additional Paid-in Capital
Capital Stock
Current Assets
Current Liabilities
Expenses
Intangible Assets
Long-term Investments
Long-term Liabilities
Net Income / (Loss)
Paid-in Capital
Property, Plant and Equipment
Revenues
Stockholders' Equity
Total Additional Paid-in Capital
Total Assets
Total Capital Stock
Total Current Assets
Total Current Liabilities
Total Expenses
Total Intangible Assets
Total Liabilities
Total Liabilities and Stockholders' Equity
Total Long-term Investments
Total Long-term Liabilities
Total Paid-in Capital
Total Paid-in Capital and Retained Earnings
Total Property, Plant and Equipment
Total Revenues
Total Stockholders' Equity
$
    
Additional Paid-in Capital    
Capital Stock    
Current Assets    
Current Liabilities    
Expenses    
Intangible Assets    
Long-term Investments    
Long-term Liabilities    
Net Income / (Loss)    
Paid-in Capital    
Property, Plant and Equipment    
Revenues    
Stockholders' Equity    
Total Additional Paid-in Capital    
Total Assets    
Total Capital Stock    
Total Current Assets    
Total Current Liabilities    
Total Expenses    
Total Intangible Assets    
Total Liabilities    
Total Liabilities and Stockholders' Equity    
Total Long-term Investments    
Total Long-term Liabilities    
Total Paid-in Capital    
Total Paid-in Capital and Retained Earnings    
Total Property, Plant and Equipment    
Total Revenues    
Total Stockholders' Equity    
    
Additional Paid-in Capital    
Capital Stock    
Current Assets    
Current Liabilities    
Expenses    
Intangible Assets    
Long-term Investments    
Long-term Liabilities    
Net Income / (Loss)    
Paid-in Capital    
Property, Plant and Equipment    
Revenues    
Stockholders' Equity    
Total Additional Paid-in Capital    
Total Assets    
Total Capital Stock    
Total Current Assets    
Total Current Liabilities    
Total Expenses    
Total Intangible Assets    
Total Liabilities    
Total Liabilities and Stockholders' Equity    
Total Long-term Investments    
Total Long-term Liabilities    
Total Paid-in Capital    
Total Paid-in Capital and Retained Earnings    
Total Property, Plant and Equipment    
Total Revenues    
Total Stockholders' Equity    
$

Answer 1