Question

Problem 13-IA Hay 1 Issued 76,500 shares ce conmondock for eath #3425 per share. Asg 1 Issued 11,000 shares of common stock to attormeys i

Answer 1

Journal entries

Date	Account and explanation	debit	credit
Jan 10	Cash (78000*6)	468000
	Common Stock		234000
	Paid in capital in excess of stated value-Common Stock		234000
	(To record common Stock)
Mar 1	Cash (4750*105)	498750
	Preferred stock (4750*100)		475000
	Paid in capital in excess of par value-Preferred stock		23750
	(To record preferred stock)
Apr 1	Land	87000
	Common Stock (24000*3)		72000
	Paid in capital in excess of stated value-Common Stock		15000
	(To record common Stock)
May 1	Cash (76500*4.25)	325125
	Common Stock (76500*3)		229500
	Paid in capital in excess of stated value-Common Stock		95625
	(to record common Stock)
June 1	Organisation fees	42000
	Common Stock (11000*3)		33000
	Paid in capital in excess of stated value-Common Stock		9000
	(To record common Stock)
sep 1	Cash (11500*5)	57500
	Common Stock (11500*3)		34500
	Paid in capital in excess of stated value-Common Stock		23000
	(To record common Stock)
Nov 1	Cash (1500*108)	162000
	Preferred stock		150000
	Paid in capital in excess of par value-preferred Stock		12000
	(To record preferred stock)