Problem 13-1A (Part Level Submission) (a) Date Account Titles and Explanation De
ID: 2482537 • Letter: P
Question
Problem 13-1A (Part Level Submission)
(a)
Date
Account Titles and Explanation
Debit
Credit
Problem 13-1A (Part Level Submission)
DeLong Corporation was organized on January 1, 2017. It is authorized to issue 14,000 shares of 8%, $100 par value preferred stock, and 511,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.Jan. 10 Issued 82,000 shares of common stock for cash at $6 per share. Mar. 1 Issued 4,850 shares of preferred stock for cash at $105 per share. Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $93,000. The fair value of the land was $82,000. May 1 Issued 76,500 shares of common stock for cash at $4.50 per share. Aug. 1 Issued 11,000 shares of common stock to attorneys in payment of their bill of $41,500 for services performed in helping the company organize. Sept. 1 Issued 12,000 shares of common stock for cash at $7 per share. Nov. 1 Issued 2,500 shares of preferred stock for cash at $112 per share.
Explanation / Answer
Journal 10-Jan cash 492000 To common stock 246000 To additional paid in capital 246000 1-Mar cash 509250 To preferred stock 485000 To additional paid in capital 24250 1-Apr Land 93000 To common stock 75000 To additional paid in capital 18000 1-May cash 344250 To common stock 229500 To additional paid in capital 114750 1-Aug Attorney fee 41500 To common stock 33000 To additional paid in capital 8500 1-Sep cash 84000 To common stock 36000 To additional paid in capital 48000 1-Nov cash 280000 To preferred stock 250000 To additional paid in capital 30000