Wingra Corporation was organized in March. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions:Mar. 1Issued 20,000 shares of preferred stock at $115 per share.Mar. 2 Issued 150,000 shares of common stock at $13 per share.Apr. 10Issued 15,000 shares of common stock for equipment valued at $198,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment.Jun. 12Issued 12,000 shares of common stock at $15 per share.Aug. 5Issued 1,000 shares of preferred stock at $112 per share.Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.Mar. 1 fill in the blank 2fill in the blank 3 fill in the blank 5fill in the blank 6 fill in the blank 8fill in the blank 9Mar. 2 fill in the blank 11fill in the blank 12 fill in the blank 14fill in the blank 15 fill in the blank 17fill in the blank 18Apr. 10 fill in the blank 20fill in the blank 21 fill in the blank 23fill in the blank 24 fill in the blank 26fill in the blank 27Jun. 12 fill in the blank 29fill in the blank 30 fill in the blank 32fill in the blank 33 fill in the blank 35fill in the blank 36Aug. 5 fill in the blank 38fill in the blank 39 fill in the blank 41fill in the blank 42 fill in the blank 44fill in the blank 45

When shares are issued , amount received in excess of par value will be credited to Paid in Capital in excess of Par Account. Date Account title and Explanation Debit Credit Mar-01 Cash 2,300,000 Preference Stock 2,000,000 Paid in Capital in excess of Par-Preferred Stock 300,000 Mar-02 Cash 1,950,000 Common Stock 150,000 Paid in Capital in excess of Par-Common Stock 1,800,000 Apr-01 Land 198,000 Common Stock 15,000 Paid in Capital in excess of Par-Common Stock 183,000 June-12 Cash 180000 Common Stock 12000 Paid in Capital in excess of Par-Common Stock 168000 Aug-05 Cash 112,000 Preference Stock 100,000 Paid in Capital in excess of Par-Preferred Stock 12,000

Answered: Wingra Corporation was organized in…

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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Wingra Corporation was organized in March. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions:

Mar. 1	Issued 20,000 shares of preferred stock at $115 per share.
Mar. 2	Issued 150,000 shares of common stock at $13 per share.
Apr. 10	Issued 15,000 shares of common stock for equipment valued at $198,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment.
Jun. 12	Issued 12,000 shares of common stock at $15 per share.
Aug. 5	Issued 1,000 shares of preferred stock at $112 per share.

Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

Mar. 1	fill in the blank 2	fill in the blank 3
	fill in the blank 5	fill in the blank 6
	fill in the blank 8	fill in the blank 9
Mar. 2	fill in the blank 11	fill in the blank 12
	fill in the blank 14	fill in the blank 15
	fill in the blank 17	fill in the blank 18
Apr. 10	fill in the blank 20	fill in the blank 21
	fill in the blank 23	fill in the blank 24
	fill in the blank 26	fill in the blank 27
Jun. 12	fill in the blank 29	fill in the blank 30
	fill in the blank 32	fill in the blank 33
	fill in the blank 35	fill in the blank 36
Aug. 5	fill in the blank 38	fill in the blank 39
	fill in the blank 41	fill in the blank 42
	fill in the blank 44	fill in the blank 45

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