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Pina Colada Co. had the following transactions during the current period.

Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $29,400 for services performed in helping the company to incorporate.
June 12 Issued 58,300 shares of $5 par value common stock for cash of $362,400.
July 11 Issued 1,025 shares of $100 par value preferred stock for cash at $130 per share.
Nov. 28 Purchased 2,520 shares of treasury stock for $78,000.

Requried:
Journalize the transactions.

Respuesta :

anthougo

Pina Colada Co. will record the following journal entries for the transactions.

Mar. 2 Debit Attorney's Fees $29,400

Credit Common Stock $25,000

Credit Additional Paid-in Capital - Common $4,400

  • To record the issuance of 5,000 shares at $5 par value for attorney's bill.

June  12 Debit Cash $362,400

Credit Common Stock $291,500

Credit Additional Paid-in Capital - Common $70,900

  • To record the issuance of 58,300 shares at $5 par value for $362,400.

July 11 Debit Cash $133,250

Credit Preferred Stock $102,500

Credit Additional Paid-in Capital -Preferred $30,750

  • To record the issuance of 1,025 shares of $100 par value at $130 per share.

Nov. 28 Debit Treasury Stock $12,600

Debit Additional Paid-in Capital - Common $65,400

Credit Cash $78,000

  • To record the purchase of 2,520 shares at $5 par for $78,000.

Data and Calculations:

Mar. 2 Attorney's Fees $29,400 Common Stock $25,000 Additional Paid-in Capital - Common $4,400

issuance of 5,000 shares at $5 par value.

June  12 Cash $362,400 Common Stock $291,500 Additional Paid-in Capital - Common $70,900

58,300 shares at $5 par value.

July 11 Cash $133,250 Preferred Stock $102,500 Additional Paid-in Capital -Preferred $30,750

1,025 shares of$100 par value at $130 per share

Nov. 28 Treasury Stock $12,600 Additional Paid-in Capital - Common $65,400 Cash $78,000

2,520 shares at $5 par for $78,000.

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