nalize stockactions, post, andere paid-in capitalon.P11-1B Bennis Corporation was organized on January 1, 2014. It is authorized to issue10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par commonstock with a stated value of $1 per share. The following stock transactions were completedduring the first year.4, 7), APIssued 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 $4.40Issued 4,000 shares of preferred stock for cash at $103 per share.Jan.10Mar.1MaySept.Nov.11per share.1Instructions(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$1,470,000lize transactions, postP11. 2PThe st11

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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.

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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