Entries for Issuing No-Par StockOn May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of no-par common stock (with a stated value of $5) at $15, and on June 30, it issued for cash 25,000 shares of preferred stock, $70 par at $73.a. Journalize the entries for May 15 and June 30, 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.May 15 fill in the blank 87fa3303cfb5f86_2fill in the blank 87fa3303cfb5f86_3 fill in the blank 87fa3303cfb5f86_5fill in the blank 87fa3303cfb5f86_6 fill in the blank 87fa3303cfb5f86_8fill in the blank 87fa3303cfb5f86_9June 30 fill in the blank 87fa3303cfb5f86_11fill in the blank 87fa3303cfb5f86_12 fill in the blank 87fa3303cfb5f86_14fill in the blank 87fa3303cfb5f86_15 fill in the blank 87fa3303cfb5f86_17fill in the blank 87fa3303cfb5f86_18b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?

Total amount received from issue of common stock = 250,000 shares x $15 per share = $3,750,000 Total amount received from issue of preferred stock = 25,000 shares x $73 per share = $1,825,000a. Date Accounts Debit Credit May 15 Cash $3,750,000 Common stock (250,000 shares x $5 per share) $1,250,000 Paid in capital in excess of stated value - Common stock $2,500,000 June 30 Cash $1,825,000 Preferred stock (25,000 shares x $70 per share) $1,750,000 Paid in capital in excess of par value - Preferred stock $75,000b. Particulars Amount Common stock $1,250,000 Preferred stock $1,750,000 Paid in capital in excess of stated value - Common stock $2,500,000 Paid in capital in excess of par value - Preferred stock $75,000 Total amount invested (total paid-in capital) $5,575,000

Answered: On May 15, Helena Carpet Inc., a carpet…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Entries for Issuing No-Par Stock

On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of no-par common stock (with a stated value of $5) at $15, and on June 30, it issued for cash 25,000 shares of preferred stock, $70 par at $73.

a. Journalize the entries for May 15 and June 30, 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.

May 15	fill in the blank 87fa3303cfb5f86_2	fill in the blank 87fa3303cfb5f86_3
	fill in the blank 87fa3303cfb5f86_5	fill in the blank 87fa3303cfb5f86_6
	fill in the blank 87fa3303cfb5f86_8	fill in the blank 87fa3303cfb5f86_9
June 30	fill in the blank 87fa3303cfb5f86_11	fill in the blank 87fa3303cfb5f86_12
	fill in the blank 87fa3303cfb5f86_14	fill in the blank 87fa3303cfb5f86_15
	fill in the blank 87fa3303cfb5f86_17	fill in the blank 87fa3303cfb5f86_18

b. What is the total amount invested (total paid-in capital) by all stockholders as of June 30?

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