Problemon january 14 peerless rocks inc a marble contractor, Ask an Expert

Accounting

Problem

On January 14, Peerless Rocks Inc., a marble contractor, issued for cash 55,000 shares of $12 par common stock at $41, and on March 17, it issued for cash 120,000 shares of $8 par preferred stock at $11.

a. Journalize the entries for January 14 and March 17. For a compound transaction, If an amount box does not require an entry, leave it blank.

b. What is the total amount invested (total paid-in capital) by all stockholders as of March 17?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92710063

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