On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 100,000 shares of $5 par common stock at $9, and on November 19, it issued for cash 40,000 shares of $8 par preferred stock at $27. a. Journalize the entries for October 31 and November 19. For a compound transaction, if an amount box does not require an entry, leave it blank. Oct. 31 Nov. 19 b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? $4

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Hello question is attached, thanks. 

On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 100,000 shares of $5 par common stock at $9, and on November 19, it
issued for cash 40,000 shares of $8 par preferred stock at $27.
a. Journalize the entries for October 31 and November 19.
For a compound transaction, if an amount box does not require an entry, leave it blank.
Oct. 31
Nov. 19
b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19?
$4
Transcribed Image Text:On October 31, Legacy Rocks Inc., a marble contractor, issued for cash 100,000 shares of $5 par common stock at $9, and on November 19, it issued for cash 40,000 shares of $8 par preferred stock at $27. a. Journalize the entries for October 31 and November 19. For a compound transaction, if an amount box does not require an entry, leave it blank. Oct. 31 Nov. 19 b. What is the total amount invested (total paid-in capital) by all stockholders as of November 19? $4
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

Blurred answer
Knowledge Booster
Initial Public Offering (IPO)
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education