On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34, and on February 27, it issued for cash 15,000 shares of preferred stock, $9 par at $12. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 27 b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27

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Business

Angeline Mcfarland

31 January, 04:15

On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34, and on February 27, it issued for cash 15,000 shares of preferred stock, $9 par at $12. a. Journalize the entries for January 22 and February 27. If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 27 b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27

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Drake Haney · Answer 1

Jan. 22

Dr Cash 7,140,000

Cr Common Stock 6,300,000 [210,000*30]

Cr Paid in capital in excess of par 840,000

Feb. 27

Dr Cash 180,000

Cr Preferred Stock 135,000

Cr Paid-In Capital in Excess of Par-Preferred 45,000

b) Total amount invested = Common stock + total paid in capital = 6,300,000+840,000+135,000+45,000 = 7,320,000