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Date Account Titles and Explanation Debit Credit Jan. 10 Cash 468,000 Common Stock 234,000 Paid-in Capital in Excess of Stated Value-Common Stock 234,000 Mar. 1 Cash 498,750 Preferred Stock 475,000

Date Account Titles and Explanation Debit Credit Jan. 10 Cash 468,000 Common Stock 234,000 Paid-in Capital in Excess of Stated Value-Common Stock 234,000 Mar. 1 Cash 498,750 Preferred Stock 475,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the information given to fill out missing boxes correctly
Date Account Titles and Explanation Debit Credit Jan. 10 v Cash 468,000 Common Stock 234,000 Paid-in Capital in Excess of Stated Value-Common Stock 234,000 Мar. 1 Cash 498,750 Preferred Stock 475,000 Paid-in Capital in Excess of Par-Preferred Stock 23,750 Apr. 1 Land 87,000 Common Stock 72,000 Paid-in Capital in Excess of Stated Value-Common Stock 15,000 May 1 Cash 325,125 Common Stock 229,500 Paid-in Capital in Excess of Stated Value-Common Stock 95,625 Aug. 1 Organization Expense 42,000 Common Stock 33,000 Paid-in Capital in Excess of Stated Value-Common Stock 9,000 Sept. 1 Cash 57,500 Common Stock 34,500 Paid-in Capital in Excess of Stated Value-Common Stock 23,000 Nov. 1 Cash 162,000 Preferred Stock 150,000 Paid-in Capital in Excess of Par-Preferred Stock 12,000
Transcribed Image Text:Date Account Titles and Explanation Debit Credit Jan. 10 v Cash 468,000 Common Stock 234,000 Paid-in Capital in Excess of Stated Value-Common Stock 234,000 Мar. 1 Cash 498,750 Preferred Stock 475,000 Paid-in Capital in Excess of Par-Preferred Stock 23,750 Apr. 1 Land 87,000 Common Stock 72,000 Paid-in Capital in Excess of Stated Value-Common Stock 15,000 May 1 Cash 325,125 Common Stock 229,500 Paid-in Capital in Excess of Stated Value-Common Stock 95,625 Aug. 1 Organization Expense 42,000 Common Stock 33,000 Paid-in Capital in Excess of Stated Value-Common Stock 9,000 Sept. 1 Cash 57,500 Common Stock 34,500 Paid-in Capital in Excess of Stated Value-Common Stock 23,000 Nov. 1 Cash 162,000 Preferred Stock 150,000 Paid-in Capital in Excess of Par-Preferred Stock 12,000
Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock >
Transcribed Image Text:Preferred Stock Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock >
Expert Solution
Step 1 Introduction

The T-accounts are prepared as posting balances using journal entries for each account. Further ending balance of T-accounts is entered to trial balance.

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