Sheffield Corporation was organized on January 1, 2022. It is authorized to issue 11,000 shares of 89, $100 par value proferred stock, and 520,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan Mar 1 Apr. 10 1 (a) May Aug. 1 1 Sept. 1 Nov 1 Issued 75,500 shares of common stock for cash at 56 per share. 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 $85.500. The fair value of the land was $80,000. Issued 81.500 shares of common stock for cash at $4:25 per shere. Issued 11.500 shares of common stock trattorneys in payment of their bill of $39,500 for services performed in helping the company organize. Date Issued 12,000 shares of common stock for cash at $6 per share. Issued 2,000 shares of preferred stock for cash at $110 par share. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit

Sheffield Corporation was organized on January 1, 2022. It is authorized to issue 11,000 shares of 89, $100 par value proferred stock, and 520,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year. Jan Mar 1 Apr. 10 1 (a) May Aug. 1 1 Sept. 1 Nov 1 Issued 75,500 shares of common stock for cash at 56 per share. 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 $85.500. The fair value of the land was $80,000. Issued 81.500 shares of common stock for cash at $4:25 per shere. Issued 11.500 shares of common stock trattorneys in payment of their bill of $39,500 for services performed in helping the company organize. Date Issued 12,000 shares of common stock for cash at $6 per share. Issued 2,000 shares of preferred stock for cash at $110 par share. Journalize the transactions. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit

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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