On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Epperson issued at par 15,000 shares of 1%, $60 par preferred stock at par for cash. On November 23, Epperson issued for cash 8,000 shares of 1%, $60 par preferred stock at $70.
Required:
Journalize the entries to record the February 13, September 9, and November 23 transactions. If an amount box does not require an entry, leave it blank.
Feb. 13 | Cash | ||
Common Stock | |||
Paid-In Capital in Excess of Stated Value | |||
Sept. 9 | Cash | ||
Preferred Stock | |||
Nov. 23 | Cash | ||
Preferred Stock | |||
Paid-In Capital in Excess of Par |
Feb 13 | Cash (75,000*140) | 10,500,000 | |
Common stock (75,000*125) | 9,375,000 | ||
Paid in capital in excess of stated value | 1,125,000 | ||
Sep 9 | Cash (15,000*60) | 900,000 | |
Preferred stock | 900,000 | ||
Nov 23 | Cash (8,000*70) | 560,000 | |
Preferred stock (8,000*60) | 480,000 | ||
Paid in capital in excess of par | 80,000 |
On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a...
On February 13, Epperson Company issued for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Epperson issued at par 15,000 shares of 1%, $60 par preferred stock at par for cash. On November 23, Epperson issued for cash 8,000 shares of 1%, $60 par preferred stock at $70. Required: Journalize the entries to record the February 13, September 9, and November 23 transactions. Refer to the Chart of Accounts for...
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Question 2
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