Problem 11-1A Bramble Corp. was organized on January 1, 2017, It is authorized t
ID: 2584006 • Letter: P
Question
Problem 11-1A Bramble Corp. was organized on January 1, 2017, It is authorized to issue 20,000 shares of 596, $52 par value preferred stock and 452,000 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 Mar. 1 May 1 Sept. 1 Nov. 1 Issued 66,000 shares of common stock for cash at $6 per share. Issued 1,120 shares of preferred stock for cash at $55 per share. Issued 111,000 shares of common stock for cash at $7 per share Issued 4,200 shares of common stock for cash at $7 per share. Issued 2,200 shares of preferred stock for cash at $57 per share. 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.,) DateAccount Titles and Explanation Debit CreditExplanation / Answer
Journal Entry
date
explanation
debit
credit
10-Jan
cash
396000
common stock
198000
additonal paid in capital-equity
198000
1-Mar
cash
61600
preferred stock
58240
paid in capital in excess of par value-preferred stock
3360
1-May
cash
777000
common stock
333000
additonal paid in capital-equity
444000
1-Sep
cash
29400
common stock
12600
additonal paid in capital-equity
16800
1-Nov
cash
125400
preferred stock
114400
paid in capital in excess of par value-preferred stock
11000
Ledger Accounts
preferred stock
balance
172640
cash
58240
cash
114400
total
172640
total
172640
paid in capital in excess of par value-preferred stock
balance
14360
cash
3360
cash
11000
total
14360
total
14360
common stock
balance
543600
cash
198000
cash
333000
cash
12600
total
543600
total
543600
paid in capital in excess of par value-common stock
balance
658800
cash
198000
cash
444000
cash
16800
total
658800
total
658800
Balance sheet
shareholders equity
common stock
543600
preferred stock
172640
paid in capital in excess of par value-common stock
658800
paid in capital in excess of par value-preferred stock
14360
total of share holders equity
1389400
Journal Entry
date
explanation
debit
credit
10-Jan
cash
396000
common stock
198000
additonal paid in capital-equity
198000
1-Mar
cash
61600
preferred stock
58240
paid in capital in excess of par value-preferred stock
3360
1-May
cash
777000
common stock
333000
additonal paid in capital-equity
444000
1-Sep
cash
29400
common stock
12600
additonal paid in capital-equity
16800
1-Nov
cash
125400
preferred stock
114400
paid in capital in excess of par value-preferred stock
11000
Ledger Accounts
preferred stock
balance
172640
cash
58240
cash
114400
total
172640
total
172640
paid in capital in excess of par value-preferred stock
balance
14360
cash
3360
cash
11000
total
14360
total
14360
common stock
balance
543600
cash
198000
cash
333000
cash
12600
total
543600
total
543600
paid in capital in excess of par value-common stock
balance
658800
cash
198000
cash
444000
cash
16800
total
658800
total
658800
Balance sheet
shareholders equity
common stock
543600
preferred stock
172640
paid in capital in excess of par value-common stock
658800
paid in capital in excess of par value-preferred stock
14360
total of share holders equity
1389400