during the first year. Jan. 10 Mar. 1 Apr. 1 May Aug. 1 Sept. Nov. 1 1 1 Issued 79,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $110 per share. Issued 23,500 shares of common stock for land. The asking price of the land was $94,500. The fair value of the land was $87,500. Issued 77,500 shares of common stock for cash at $5.25 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $5 per share. Issued 2,000 shares of preferred stock for cash at $113 per share.
during the first year. Jan. 10 Mar. 1 Apr. 1 May Aug. 1 Sept. Nov. 1 1 1 Issued 79,000 shares of common stock for cash at $4 per share. Issued 5,000 shares of preferred stock for cash at $110 per share. Issued 23,500 shares of common stock for land. The asking price of the land was $94,500. The fair value of the land was $87,500. Issued 77,500 shares of common stock for cash at $5.25 per share. Issued 11,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $5 per share. Issued 2,000 shares of preferred stock for cash at $113 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Be clear
Transcribed Image Text:Date
Account Titles and Explanation
Debil
Credit
Transcribed Image Text:Current Attempt in Progress
Swifty Corporation was organized on January 1, 2022. It is authorized to issue 15,000 shares of 8%, $100 par value preferred stock,
and 456,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed
during the first year.
Jan. 10
Mar. 1
Apr.
May 1
Aug.
1
(a)
1
Sept. 1
Nov.
1
Issued 79,000 shares of common stock for cash at $4 per share.
Issued 5,000 shares of preferred stock for cash at $110 per share.
Issued 23,500 shares of common stock for land. The asking price of the land was $94,500. The fair value of the land
was $87.500.
Issued 77,500 shares of common stock for cash at $5.25 per share.
Issued 11,000 shares of common stock to attorneys in payment of their bill of $45,000 for services performed in
helping the company organize.
Issued 11,000 shares of common stock for cash at $5 per share.
Issued 2,000 shares of preferred stock for cash at $113 per share.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education