Journalize the entries to record the following transactions for Mountain Realty Inc. Refer to the Chart of Accounts for exact wording of account titles.
Aug.26 Issued for cash 120,000 shares of no-par common stock (with a stated value of $5) at $8.
Oct.1 Issued at par value 40,000 shares of preferred 1% stock, $10 par for cash.
Nov.30 Issued for cash 18,000 shares of preferred 1% stock, $10 par at $13.
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CHART OF ACCOUNTS
Mountain Realty Inc.General Ledger
ASSETS
110Cash
120Accounts Receivable
131Notes Receivable
132Interest Receivable
141Merchandise Inventory
145Office Supplies
151Prepaid Insurance
181Land
193Equipment
194Accumulated Depreciation-Equipment
LIABILITIES
210Accounts Payable
221Notes Payable
226Interest Payable
231Cash Dividends Payable
236Stock Dividends Distributable
241Salaries Payable
261Mortgage Note Payable
EQUITY
311Common Stock
313Paid-In Capital in Excess of Stated Value-Common Stock
315Treasury Stock
321Preferred Stock
322Paid-In Capital in Excess of Par-Preferred Stock
331Paid-In Capital from Sale of Treasury Stock
340Retained Earnings
351Cash Dividends
352Stock Dividends
390Income Summary
REVENUE
410Sales
610Interest Revenue
EXPENSES
510Cost of Merchandise Sold
515Credit Card Expense
520Salaries Expense
531Advertising Expense
532Delivery Expense
533Selling Expenses
534Rent Expense
535Insurance Expense
536Office Supplies Expense
537Organizational Expenses
562Depreciation Expense-Equipment
590Miscellaneous Expense
710Interest Expense
Answers
Status NEW
Posted 22 May 2017 03:05 AM
My Price 12.00
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