Saturday 10 November 2012

Vallejo Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 118,600 shares for cash at $145 per share. July 1 Issued 170,400 shares for cash at $166 per share. a. Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.) b. b. Post to the stockholders’ equity accounts. (Use T accounts.) (Post entries in the order of journal entries posted in the previous part.)

Exercise 11-3

Vallejo Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.

Feb. 1


Issued 118,600 shares for cash at $145 per share.

July 1


Issued 170,400 shares for cash at $166 per share.

 

a.       Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

b.      b. Post to the stockholders’ equity accounts. (Use T accounts.) (Post entries in the order of journal entries posted in the previous part.)

 



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