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Swifty Corporation was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock and 462,000 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. 10 Issued 77,000 shares of common stock for cash at $6 per share. Issued 5,500 shares of preferred stock for cash at $110 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $84,000. Issued 76,500 shares of common stock for cash at $5.25 per share. Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 3,000 shares of preferred stock for cash at $112 per share. Mar. Apr. May Aug 1 1 1 1 Sept. 1 Nov. 1

Swifty Corporation was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock and 462,000 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. 10 Issued 77,000 shares of common stock for cash at $6 per share. Issued 5,500 shares of preferred stock for cash at $110 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $84,000. Issued 76,500 shares of common stock for cash at $5.25 per share. Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 3,000 shares of preferred stock for cash at $112 per share. Mar. Apr. May Aug 1 1 1 1 Sept. 1 Nov. 1

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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Provide journal entry and balance sheet,,,,,,,,,,,,,,,,,,,,,,,,answer in text form please (without image)
Swifty Corporation was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock, and 462,000 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. 10 Mar. 1 Apr. May Aug 1 1 1 Sept. 1 Nov. 1 Issued 77,000 shares of common stock for cash at $6 per share. Issued 5,500 shares of preferred stock for cash at $110 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $84,000. Issued 76,500 shares of common stock for cash at $5.25 per share. Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 3,000 shares of preferred stock for cash at $112 per share.
Transcribed Image Text:Swifty Corporation was organized on January 1, 2022. It is authorized to issue 12,000 shares of 8%, $100 par value preferred stock, and 462,000 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. 10 Mar. 1 Apr. May Aug 1 1 1 Sept. 1 Nov. 1 Issued 77,000 shares of common stock for cash at $6 per share. Issued 5,500 shares of preferred stock for cash at $110 per share. Issued 25,000 shares of common stock for land. The asking price of the land was $88,000. The fair value of the land was $84,000. Issued 76,500 shares of common stock for cash at $5.25 per share. Issued 12,000 shares of common stock to attorneys in payment of their bill of $44,000 for services performed in helping the company organize. Issued 12,000 shares of common stock for cash at $7 per share. Issued 3,000 shares of preferred stock for cash at $112 per share.
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