ile Edit View History Bookmarks People Window Help Take a Te

ile Edit View History Bookmarks People Window Help Take a Test - walhan youhanan e Secure https://www.mathxl.com/Student/PlayerTest.aspx?testld 183616970&centerwin-yes; BUS 120-ONLINE-5080 - Spring 2018 - R Farris Test: Exam 4: Ch 10-12 (Part 2 - Problems) This Question: 6 pts 1 of 7 (1 complete) C A Sarah Systems completed the following stock issuance transactions: i (Click the icon to view the transactions.) Requirements 1. J?unalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Sarah Systems? nts wo Requirement 1. Joumalize the transactions. Explanations are not required. (Record debits frst, then Gredits. Exclude June 19: Issued 1,000 shares of $4 par common stock for cash of $10.00 per share. Journal Entry Date Accounts Debit Credit Jun 19 Choose from any l ist or enter any number in the input fields and then continue to the next question. Copyright 201 3 ?0 FI F3

Solution

Journal Entries

1

Cash Account                                                

$ 10,000.00

      To Common Stock                                     

$    4,000.00

      To Additional Paid in Capital                

$    6,000.00

(being 1000 Common Stock Issued at premium)

2

Cash Account                                                

$ 28,000.00

         To Preferred Stock

$    2,800.00

         To Additional Paid in Capital

$ 25,200.00

(being 560 Prefered Stock Issued sold)

3

Purchase Account

$ 25,000.00

Equipment Account

$ 17,000.00

           To Common Stock

$ 24,000.00

           To Additional Paid in Capital

$ 18,000.00

(Being Common Stock Issued against Consideration other than cash)

Total Paid In Capital

$ 80,000.00

Total Additional Additional Paid in Capital

$ 49,200.00

	Journal Entries
1	Cash Account	$ 10,000.00
	To Common Stock		$    4,000.00
	To Additional Paid in Capital		$    6,000.00
	(being 1000 Common Stock Issued at premium)
2	Cash Account	$ 28,000.00
	To Preferred Stock		$    2,800.00
	To Additional Paid in Capital		$ 25,200.00
	(being 560 Prefered Stock Issued sold)
3	Purchase Account	$ 25,000.00
	Equipment Account	$ 17,000.00
	To Common Stock		$ 24,000.00
	To Additional Paid in Capital		$ 18,000.00
	(Being Common Stock Issued against Consideration other than cash)