Question

Problem 11-1A Windsor, Inc. was organized on January 1, 2019. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 514,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year: Jan. 10 Issued 78,000 shares of common stock for cash at $4 per share. Mar. 1 Issued 5,300 shares of preferred stock for cash at $110 per share. Apr. 1 Issued 23,500 shares of common stock for land. The asking price of the land was $86,000. The fair value of the land was $88,000. May 1 Issued 83,000 shares of common stock for cash at $4.75 per share. Aug. 1 Issued 11,500 shares of common stock to attorneys in payment of their bill of $43,000 for services performed in helping the company organize. Sept. 1 Issued 11,000 shares of common stock for cash at $5 per share. Nov. 1 Issued 1,000 shares of preferred stock for cash at $111 per share.

a. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

b. Post to the stockholders’ equity accounts. (Post entries in the order of journal entries presented in the previous part.)

c. Prepare the paid-in capital section of stockholders’ equity at December 31, 2019. (Enter the account name only and do not provide the descriptive information provided in the question.)

Answer 1

Date Parbicuiar Cred Debit Cash alc O Jan Dr TO 69uity Phare Caplial o security Premiun Being 8000oare of Corman Stocl issued at a premiua 312000 1S6000 156000 Cash aic no equity Share Capial no asecuity Premiu CBeing s300 Sharedof Preffercd Peb Dr 583000 5.30000 58000 Sto(k issued at $10 Premium land no eguity oshare Copial no asecunity Premine CBeing e3s00Shaves of Camman Stock were issued 86000 ற0v 39000 Q$el-per Share.Cala and wil be Securt Premiunt) amaunk 394.930 Cash alc no se Equity Share Capital no gecurity 'Premiu CBeing 83000 shares of Com man aStoCk issued at &à Premlum 166000 may 2.28250 Shot on realme 1 By @m!T

9 6 5 4 AHormey's aiC 43000 equity Shave Capital no asecurty Premium Being share issued as serte 93000 20000 Providiny by Chaie BaOK Cash Lsep SS000 No 69uity Share Capinal Po securry goremiu atl premium ef3 a2000 33000 Ceing 1/000 Shares issued Oash Nov Dr 1/000 To Equity Share Capital Go security Premiu 100 shares of Preeed Stotk issyed at 100000 11000 a premiuno Shot on realme 1 By @m!T

ORE Eqity Capisal AlC balance Cid. 1044000 By Cash 1$6p00 $30,000 GY Casn Bydand 8y Cash 6y AHorneys Cash 166000 23000 By Cash విం0 100,000 1044 000 Q44000 Shot on realme1 By am!T