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.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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nalize stock
actions, post, and
ere paid-in capital
on.
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.
4, 7), AP
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.
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
Issued 4,000 shares of preferred stock for cash at $103 per share.
Jan.
10
Mar.
1
May
Sept.
Nov.
1
1
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.
maid-in capital
$1,470,000
lize transactions, post
P11. 2P
The st
11
Transcribed Image Text:nalize stock actions, post, and ere paid-in capital on. 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. 4, 7), AP 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. 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 Issued 4,000 shares of preferred stock for cash at $103 per share. Jan. 10 Mar. 1 May Sept. Nov. 1 1 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. maid-in capital $1,470,000 lize transactions, post P11. 2P The st 11
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