accounting questions

Apr 2nd, 2015
DotaCN
Category:
Accounting
Price: $5 USD

Question description

Problem #1 -- Issuing stock

Bellvue Products Inc., a wholesaler of office products, was organized on January 30 of the current year, with an authorization of 80,000 shares of 2% preferred stock, $75 par and 800,000 shares of $20 par common stock. The following selected transactions were completed during the first year of operations:

Jan. 30.   Issued 300,000 shares of common stock at par for cash.

31.   Issued 750 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation.

Feb. 21.   Issued 32,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $150,000, $460,000, and $90,000, respectively.

Mar. 2.   Issued 15,000 shares of preferred stock at $77.50 for cash. Journalize the transactions.

Journalize the entries to record the transactions.


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