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    Journal entries :stock transaction

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    Norris Corporation was organized on January 1, 2007. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.
    Jan. 10 Issued 60,000 shares of common stock for cash at $4 per share.
    Mar. 1 Issued 12,000 shares of preferred stock for cash at $54 per share.
    May 1 Issued 100,000 shares of common stock for cash at $5 per share.
    Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share.
    Nov. 1 Issued 2,000 shares of preferred stock for cash at $56 per share.

    Instructions:
    a. Journalize the transactions.
    b. Post to the stockholders' equity accounts. (Use T accounts)
    c. Prepare the paid-in capital portion of the stockholders' equity section at December 31, 2007.

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    https://brainmass.com/business/journal-entries/journal-entries-stock-transaction-171277

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    Excel file contains journal entries and paid-in capital portion of the stockholders' equity section.

    $2.19

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