Chapter 11 Assignment
Introductory Accounting
Name: Nguyen Mai Phuong
E11-1:
(a) If par value is $5/share
GENERAL JOURNAL
Date
Account titles and explanation
Debit
Credit
Jan. 10
Cash
Common Stock
(To record issuance of 30,000 shares of
common stock at par)
150,000
150,000
July. 1
Cash
Common Stock (60,000 × $5)
Paid-in capital in excess of par value
(To record issuance of 60,000 shares of
common stock in excess of par)
420,000
300,000
120,000
(b) If stated value is $1/share
GENERAL JOURNAL
Date
Account titles and explanation
Debit
Credit
Jan. 10
Cash
Common Stock (30,000 × $1)
Paid-in capital in excess of stated
value
(To record issuance of 30,000 shares of
common stock in excess of stated value)
150,000
30,000
120,000
July. 1
Cash
Common Stock (60,000 × $1)
Paid-in capital in excess of stated
value
(To record issuance of 60,000 shares of
common stock in excess of stated value)
420,000
60,000
360,000
P11-2:
GENERAL JOURNAL
Date
Account titles and explanation
Debit
Credit
Jun. 12
Cash
Common Stock (80,000 × $1)
Paid-in capital in excess of par value
– Common Stock
(To record issuance of 80,000 shares of
common stock in excess of par)
300,000
80,000
220,000
July. 11
Cash
Preferred Stock (3,000 × $100)
Paid-in capital in excess of par value
– Preferred Stock
(To record issuance of 3,000 shares of
$100 par value preferred stock)
318,000
300,000
18,000
Nov. 28
Treasury Stock
Cash
(To record purchase of 2,000 shares of
treasury stock at $4.5 per share)
9,000
9,000
P11-3:
(a)
GENERAL JOURNAL
Date
Account titles and explanation
Debit
Credit
Feb. 1
Cash
Preferred Stock (40,000 × $50)
Paid-in capital in excess of par value
– Preferred Stock
(To record issuance of 40,000 shares of
$50 par value preferred stock)
2,040,000
2,000,000
40,000
July. 1
Cash
Preferred Stock (60,000 × $50)
Paid-in capital in excess of par value
– Preferred Stock
(To record issuance of 60,000 shares of
$50 par value preferred stock)
3,360,000
3,000,000
360,000
(b) T-accounts
Preferred Stock
Feb. 1
2,000,000
July. 1
3,000,000
Bal.
5,000,000
Paid-in capital in excess of par value –
Preferred Stock
Feb. 1
40,000
July. 1
360,000
Bal.
400,000
(c) Discuss the statement presentation of the accounts
The preferred stock account and the paid-in capital in excess of par value
– Preferred stock account belong to the paid-in capital portion of the
stockhoders’ equity section in the statement. These accounts should be
presented as followings:
Preferred stock, $50 par value, 100,000 shares issued and outstanding –
$5,000,000
Paid-in capital in excess of par value – Preferred stock – $400,000
P11-1A:
(a)
GENERAL JOURNAL
Date
Account titles and explanation
Debit
Credit
Jan. 10
Cash
Common Stock (70,000 × $1)
Paid-in capital in excess of stated
value – Common Stock
(To record issuance of 70,000 shares of
common stock in excess of stated value)
280,000
70,000
210,000
Mar. 1
Cash
636,000
