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Sheffield Corporation was organized on January 1, 2022. 1118 authorized to issue 11.000 shares of 8%, $100 par value preferred stock and 520,000 shares of no-car common stock with a stated value of S3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 75.500 shares of common stock for cash at S6 pershare. issued 5.500 shares of preferred stock for cash at $110 per chare Issued 22,500 shares of common stock for Tard. The asking price of the land was 555-500 Tre fair value of the land was $80,000 Mar Apr May Aus 1 1 1 1 Sept. 1 Nov 2 Issued 81.500 shares of common stock for cash at $125 per share issues 11,500 shares of common stock to attorneys in payment of their bill of $19,500 for wevices performed in helping the company organize Issued 12.000 shares of common stock for cash at 56 pershare Issued 2.000 shares of preferred stock for cash at $110 per share

Sheffield Corporation was organized on January 1, 2022. 1118 authorized to issue 11.000 shares of 8%, $100 par value preferred stock and 520,000 shares of no-car common stock with a stated value of S3 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 75.500 shares of common stock for cash at S6 pershare. issued 5.500 shares of preferred stock for cash at $110 per chare Issued 22,500 shares of common stock for Tard. The asking price of the land was 555-500 Tre fair value of the land was $80,000 Mar Apr May Aus 1 1 1 1 Sept. 1 Nov 2 Issued 81.500 shares of common stock for cash at $125 per share issues 11,500 shares of common stock to attorneys in payment of their bill of $19,500 for wevices performed in helping the company organize Issued 12.000 shares of common stock for cash at 56 pershare Issued 2.000 shares of preferred stock for cash at $110 per share

FINANCIAL ACCOUNTING
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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Sheffield Corporation was organized on January 1, 2022, 1t is authorized to issue 11,000 shares of 8%, $100 par value preferred stock and 520,000 shares of no-par common stock with a stated value of $3 porshare. The following stock transactions were completed) during the first year. Jan Mar Apr May Aug 10. Sept. (a) 1 1 1 1 1 Issued 75.500 shares of common stock for cash at Só pershare. issued 5.500 shares of preferred stock for cash at $110 per share. Issued 22,500 shares of common stock for land. The asking price of the land was $55 -500. Tre fair value of the land was $80,000 1ssued 81.500 shares of common stock for cash at $4:25 per share issues 11,500 shares of common stock to attorneys in beyment of their bill of $39,500 for services performed in helping the company organize Issued 12.000 shares of common stock for cash at 56 pershare Issued 2,000 shares of preferred stock for cash at $110 per shere Journalize the transections. (List all dehit entries before credit entries Record journal entries in the order presented in the problems Credit account titles are automatically indented when amount is entered. Do not indent manually Account Titles and Explanation Date Debit Credit
Transcribed Image Text:Sheffield Corporation was organized on January 1, 2022, 1t is authorized to issue 11,000 shares of 8%, $100 par value preferred stock and 520,000 shares of no-par common stock with a stated value of $3 porshare. The following stock transactions were completed) during the first year. Jan Mar Apr May Aug 10. Sept. (a) 1 1 1 1 1 Issued 75.500 shares of common stock for cash at Só pershare. issued 5.500 shares of preferred stock for cash at $110 per share. Issued 22,500 shares of common stock for land. The asking price of the land was $55 -500. Tre fair value of the land was $80,000 1ssued 81.500 shares of common stock for cash at $4:25 per share issues 11,500 shares of common stock to attorneys in beyment of their bill of $39,500 for services performed in helping the company organize Issued 12.000 shares of common stock for cash at 56 pershare Issued 2,000 shares of preferred stock for cash at $110 per shere Journalize the transections. (List all dehit entries before credit entries Record journal entries in the order presented in the problems Credit account titles are automatically indented when amount is entered. Do not indent manually Account Titles and Explanation Date Debit Credit
Date Account Titles and Explanation Debit Credit
Transcribed Image Text:Date Account Titles and Explanation Debit Credit
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