On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 60,000 shares of $25 par common stock at $85, and on February 27, it issued for cash 120,000 shares of preferred stock, $5 par at $9. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?

On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 60,000 shares of $25 par common stock at $85, and on February 27, it issued for cash 120,000 shares of preferred stock, $5 par at $9. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?

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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a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank.

b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?

On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 60,000 shares of $25 par common stock at $85, and on February 27, it issued for
120,000 shares of preferred stock, $5 par at $9.
a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank.
Account
Debit
Date
Jan. 22
Feb. 27
Credit
b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27?

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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Subject : Accounting