Tidwell Corporation was organized on January 1, 2014. It is authorized to issue
ID: 2486388 • Letter: T
Question
Tidwell Corporation was organized on January 1, 2014. It is authorized to issue 20,100 shares of 7%, $52 par value preferred stock and 521,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the year. Jan. 10 Issued 70,100 shares of common stock for cash at $4 per share. Mar. 1 Issued 11,400 shares of preferred stock for cash at S55 per share May 1 Issued 128,400 shares of common stock for cash at $5 per share. Sept. 1 Issued 4,400 shares of common stock for cash at $9 per share. Nov. 1 Issued 3,300 shares of preferred stock for cash at $56 per share. Journalize the transactions. Journalize the transactions.Explanation / Answer
1- CASH DEBIT 280400 CREDIT COMMON STOCK 140200 CREDIT PAID IN CAPITAL ON COMMON STOCK 140200 2- CASH DEBIT 627000 CREDIT PREFERRED STOCK 592800 CREDIT ADDITIONAL PAID IN CAPITAL 34200 3- CASH DEBIT 642000 CREDIT COMMON STOCK 256800 CREDIT ADDITIONAL PAID IN CAPITAL ON COMMON STOCK 385200 4- CASH DEBIT 39600 CREDIT COMMON STOCK 8800 CREDIT ADDITIONAL PAID IN CAPITAL ON COMMON STOCK 30800 5- CASH DEBIT 184800 CREDIT PREFERRED STOCK 171600 CREDIT ADDITIONAL PAID IN CAPITAL 13200