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Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21. Question Content Area a.  Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. Feb. 12   Cash Cash     - Select - - Select -     - Select - - Select - Aug. 3   - Select - - Select -     - Select - - Select -     - Select - - Select -         Question Content Area b.  What is the total amount invested (total paid-in capital) by all stockholders as of August 3? $fill in the blank

Entries for Issuing No-Par Stock On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21. Question Content Area a.  Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. Feb. 12   Cash Cash     - Select - - Select -     - Select - - Select - Aug. 3   - Select - - Select -     - Select - - Select -     - Select - - Select -         Question Content Area b.  What is the total amount invested (total paid-in capital) by all stockholders as of August 3? $fill in the blank

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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Entries for Issuing No-Par Stock

On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 1,000,000 shares of no-par common stock (with a stated value of $0.25) at $1.20, and on August 3, it issued for cash 10,000 shares of preferred stock, $15 par at $21.

Question Content Area

a.  Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.

Feb. 12
 
 Cash Cash
 
 
 - Select - - Select -
 
 
 - Select - - Select -
Aug. 3
 
 - Select - - Select -
 
 
 - Select - - Select -
 
 
 - Select - - Select -
 
 
 

 

Question Content Area

b.  What is the total amount invested (total paid-in capital) by all stockholders as of August 3?
$fill in the blank 

 
 
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