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Issuing Stock Willow Creek Nursery, with an authorization of 20,000 shares of preferred stock and 310,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Cash 354,000     Land 61,000     Buildings 124,400     Preferred 2% Stock, $100 par     180,000 Paid-In Capital in Excess of Par—Preferred Stock     5,400 Common Stock, $40 par     240,000 Paid-In Capital in Excess of Par—Common Stock     114,000   539,400   539,400 All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Question Content Area Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. If an amount box does not require an entry, leave it blank. 1.   - Select - - Select -     - Select - - Select -     - Select - - Select -   Question Content Area   2.   - Select - - Select -     - Select - - Select -     - Select - - Select -     - Select - - Select -

Issuing Stock Willow Creek Nursery, with an authorization of 20,000 shares of preferred stock and 310,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows: Cash 354,000     Land 61,000     Buildings 124,400     Preferred 2% Stock, $100 par     180,000 Paid-In Capital in Excess of Par—Preferred Stock     5,400 Common Stock, $40 par     240,000 Paid-In Capital in Excess of Par—Common Stock     114,000   539,400   539,400 All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings. Question Content Area Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. If an amount box does not require an entry, leave it blank. 1.   - Select - - Select -     - Select - - Select -     - Select - - Select -   Question Content Area   2.   - Select - - Select -     - Select - - Select -     - Select - - Select -     - Select - - Select -

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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Issuing Stock

Willow Creek Nursery, with an authorization of 20,000 shares of preferred stock and 310,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows:

Cash 354,000    
Land 61,000    
Buildings 124,400    
Preferred 2% Stock, $100 par     180,000
Paid-In Capital in Excess of Par—Preferred Stock     5,400
Common Stock, $40 par     240,000
Paid-In Capital in Excess of Par—Common Stock     114,000
  539,400   539,400

All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.

Question Content Area

Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. If an amount box does not require an entry, leave it blank.

1.
 
 - Select - - Select -
 
 
 - Select - - Select -
 
 
 - Select - - Select -
 

Question Content Area

 

2.
 
 - Select - - Select -
 
 
 - Select - - Select -
 
 
 - Select - - Select -
 
 
 - Select - - Select -
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