Willow Creek Nursery, with an authorization of 18,000 shares of preferred stock and 310,000 shares...
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Accounting
Willow Creek Nursery, with an authorization of 18,000 shares of preferred stock and 310,000 shares of common stock, completed several transactions involving its stock on October 1, the first day of operations. The trial balance at the close of the day follows:
Cash
416,100
Land
117,000
Buildings
236,600
Preferred 2% Stock, $100 par
340,000
Paid-In Capital in Excess of ParPreferred Stock
13,600
Common Stock, $40 par
292,000
Paid-In Capital in Excess of ParCommon Stock
124,100
769,700
769,700
All shares within each class of stock were sold at the same price. The preferred stock was issued in exchange for the land and buildings.
Question Content Area
Journalize the entries to record the (1) common and (2) preferred stock transactions summarized in the trial balance. If an amount box does not require an entry, leave it blank.
1.
Cash
Common Stock
Paid-In Capital in Excess of Par-Common Stock
2.
Buildings
Land
Preferred Stock
Paid-In Capital in Excess of Par-Preferred Stock
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