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: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.1P
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc0c275bd-abd8-427a-a328-d3b2dea8731c%2F18da5222-a9f5-482e-bde2-1c7b8c2eb926%2Fdx0xa3b_processed.jpeg&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc0c275bd-abd8-427a-a328-d3b2dea8731c%2F18da5222-a9f5-482e-bde2-1c7b8c2eb926%2Fplqemg9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Date
Account Titles and Explanation
Debit
Credit
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