P11-1B Bennis Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 40,000 shares of common stock for cash at $3.60 per share. Issued 5,000 shares of preferred stock for cash at $102 per share. 1 Mar. 1 May Sept. 1 Nov. Issued 90,000 shares of common stock for cash at $4 per share. Issued 10,000 shares of common stock for cash at $4.40 per share. Issued 4,000 shares of preferred stock for cash at $103 per share. 1 Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (Use T-accounts.) (c) Prepare the paid-in capital section of stockholders' equity at December 31, 2014.
P11-1B Bennis Corporation was organized on January 1, 2014. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 40,000 shares of common stock for cash at $3.60 per share. Issued 5,000 shares of preferred stock for cash at $102 per share. 1 Mar. 1 May Sept. 1 Nov. Issued 90,000 shares of common stock for cash at $4 per share. Issued 10,000 shares of common stock for cash at $4.40 per share. Issued 4,000 shares of preferred stock for cash at $103 per share. 1 Instructions (a) Journalize the transactions. (b) Post to the stockholders' equity accounts. (Use T-accounts.) (c) Prepare the paid-in capital section of stockholders' equity at December 31, 2014.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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