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Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) ate Account Titles and Explanation Debit Credit

Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) ate Account Titles and Explanation Debit Credit

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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Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) ate Account Titles and Explanation Debit ¯ Credit
Transcribed Image Text:Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) ate Account Titles and Explanation Debit ¯ Credit
Flint Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 514,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Issued 78,000 shares of common stock for cash at $4 per share. Issued 5,300 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 $86,000. The fair value of the land was $88,000. May Issued 83,000 shares of common stock for cash at $4.75 per share. Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $5 per share. Issued 1,000 shares of preferred stock for cash at $111 per share. Jan. 10 Mar. 1 Apr. 1 1 Sept. 1 Nov. 1
Transcribed Image Text:Flint Corporation was organized on January 1, 2022. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 514,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Issued 78,000 shares of common stock for cash at $4 per share. Issued 5,300 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 $86,000. The fair value of the land was $88,000. May Issued 83,000 shares of common stock for cash at $4.75 per share. Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Issued 11,000 shares of common stock for cash at $5 per share. Issued 1,000 shares of preferred stock for cash at $111 per share. Jan. 10 Mar. 1 Apr. 1 1 Sept. 1 Nov. 1
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