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orangehare861Lv1

28 Sep 2019

Journalize the entries to record the following transactions for Mountain Realty Inc. Refer to the Chart of Accounts for exact wording of account titles.

Aug. 26 Issued for cash 128,000 shares of no-par common stock (with a stated value of $5) at $6.

Oct. 1 Issued at par value 41,000 shares of preferred 1% stock, $10 par for cash.

Nov. 30 Issued for cash 17,000 shares of preferred 1% stock, $10 par at $11 .

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Reid WolffLv2

30 Sep 2019

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On May 23, Stoltz Realty Inc. issued for cash 80,000 shares of no-par common stock (with a stated value of $3) at $12. On July 6, Stoltz Realty Inc. issued at par value 18,000 shares of preferred 1% stock, $50 par for cash. On September 15, Stoltz Realty Inc. issued for cash an additional 50,000 shares of no-par common stock (with a stated value of $3) for $15. Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the Chart of Accounts for exact wording of account titles.

peachcamel101

Instructions

Journalize the entries to record the following transactions forMountain Realty Inc. Refer to the Chart of Accounts for exactwording of account titles.

Aug.

Issued for cash 128,000 shares of no-par common stock

The stock outstanding when a corporation has issued only oneclass of stock.

(with a stated value of $5) at $6.

Oct.

Issued at par value 41,000 shares of preferred 1% stock, $10par

The monetary amount printed on a stock certificate.

for cash.

Nov.

Issued for cash 17,000 shares of preferred 1% stock, $10 par at$11

Chart

CHART OF ACCOUNTS

Mountain Realty Inc.

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Office Supplies
151	Prepaid Insurance
181	Land
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
226	Interest Payable
231	Cash Dividends Payable
236	Stock Dividends Distributable
241	Salaries Payable
261	Mortgage Note Payable

Paid-In Capital in Excess of Stated Value-Common Stock

Paid-In Capital in Excess of Par-Preferred Stock

331

Paid-In Capital from Sale of Treasury Stock

390 Income Summary

Journalize the transactions. Refer to the Chart of Accounts forexact wording of account titles.

PAGE 10

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8

Solution

	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1. [ ]	[ ]	[ ] []	[ ]	[ ]
2
3
4
5
6
7
8

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Merchandise Sold
515	Credit Card Expense
520	Salaries Expense
531	Advertising Expense
532	Delivery Expense
533	Selling Expenses
534	Rent Expense
535	Insurance Expense
536	Office Supplies Expense
537	Organizational Expenses
562	Depreciation Expense-Equipment
590	Miscellaneous Expense
710	Interest

amberkangaroo309

The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:

Preferred 2% Stock, $75 par (100,000 shares authorized, 80,000 shares issued) $6,000,000

Paid-In Capital in Excess of ParâPreferred Stock 420,000

Common Stock, $8 par (5,000,000 shares authorized, 3,000,000 shares issued) 24,000,000

Paid-In Capital in Excess of ParâCommon Stock 1,850,000

Retained Earnings 115,400,000

During the year, the corporation completed a number of transactions affecting the stockholdersâ equity. They are summarized as follows:

Jan. 5 Issued 400,000 shares of common stock at $11, receiving cash.

Feb. 10 Issued 5,000 shares of preferred 2% stock at $90.

Mar. 19 Purchased 150,000 shares of treasury common for $10 per share.

May 16 Sold 80,000 shares of treasury common for $13 per share.

Aug. 25 Sold 20,000 shares of treasury common for $9 per share.

Dec. 6 Declared cash dividends of $1.50 per share on preferred stock and $0.06 per share on common stock.

31 Paid the cash dividends.

Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.

jademoose551

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