Tidwell Corporation was organized on January 1, 2014. It is authorized to issue

Question

Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 23,400 shares of 6%, $51 par value preferred stock and 506,300 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.

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.)

Jan. 10 Issued 71,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 12,800 shares of preferred stock for cash at $56 per share. May 1 Issued 125,700 shares of common stock for cash at $6 per share. Sept. 1 Issued 6,100 shares of common stock for cash at $7 per share. Nov. 1 Issued 2,100 shares of preferred stock for cash at $59 per share.

Explanation / Answer

Date Title Debit credit jan 10 cash   (71500 *4) 286000 Common stock   (71500*3) 214500 Capital in excess of stated value -common sotck 71500 mar 1 Cash    (12800 *56 ) 716800 Preferred stock    (12800*51) 652800 capital in excess of par -preferred stock 64000 may 1 cash    (125700 *6) 754200 common stock    (125700*3) 377100 Capital in excess of stated value -common sotck 377100 sep 1 cash    (6100*7) 42700 common stock    (6100*3) 18300 Capital in excess of stated value -common sotck 24400 nov 1 cash    (2100*59) 123900 Preferred stock    (2100*51) 107100 capital in excess of par -preferred stock 16800

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