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Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor, issued...

Entries for Issuing Par Stock

On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 40,000 shares of $15 par common stock at $51, and on February 27, it issued for cash 150,000 shares of preferred stock, $4 par at $8.

a. Journalize the entries for January 22 and February 27.

If an amount box does not require an entry, leave it blank.

Jan. 22
Feb. 27

b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
$

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Answer #1

a. Journalize the entries for January 22 and February 27.

If an amount box does not require an entry, leave it blank.

Jan. 22 Cash (40000*51) 2040000
Common Stock (40000*15) 600000
Paid in capital in excess of par-Common Stock 1440000
Feb. 27 Cash (150000*8) 1200000
Preferred Stock 600000
Paid in capital in excess of par-Preferred Stock 600000

b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?
$2040000+1200000 = 3240000

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