Fill This Form To Receive Instant Help

Help in Homework
trustpilot ratings
google ratings


Homework answers / question archive / On May 23, Stoltz Realty Inc

On May 23, Stoltz Realty Inc

Accounting

On May 23, Stoltz Realty Inc. issued for cash 95,000 shares of no-par common stock with a stated value of $5) at $9. On July 6, Stoltz Realty Inc. issued at par value 39,000 shares of preferred 1% stock, $10 par for cash. On September 15, Stoltz Realty Inc. issued for cash 19,000 shares of preferred 1% stock, $10 par at $15. Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the Chart of Accounts for exact wording of account titles.
JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE

Answer Preview

Journal Entries
Date Description Debit Credit
May-23 Cash 855000  
  Common Stock   475000
  Paid-In Capital in Excess of Stated Value-Common Stock   380000
       
Jul-06 Cash 390000  
  Preferred Stock   390000
       
Sep-15 Cash 285000  
  Preferred Stock   190000
  Paid-In Capital in Excess of Par-Preferred Stock   95000