Editing Analysis G H 0/17 K Date Transaction 1/1/2017 Carlyle Corporation issued 100,000 shares of $1.00 par common stock at a price of $1.00 per share. 1/10/2017 Carlyle Corporation issued 40,000 shares of $1.00 par common stock at a price of $1.50 per share. B D ALT-STOCK-ISSUANCE E F 2 TOTAL SCORE: 3 There are 5 problems in this set. Choose a number between 1 and 5: 4 5 UNE DATE GENERAL JOURNAL 6 1 1/1/2017 DEBIT CREDIT GRADE 7 2 0 8 3 0 9 4 1/10/2017 10 5 0 11 6 0 12 7 0 13 8 1/15/2017 14 9 0 15 10 0 16 11 17 12 1/20/2017 0 18 13 0 19 14 0 20 15 21 16 22 17 1/31/2017 0 23 18 0 24 19 25 20 1/31/2017 0 26 21 0 27 22 28 23 1/31/2017 0 29 24 0 30 25 0 31 26 77 ALT-STOCK-ISSUANCE Ready 1/15/2017 Carlyle Corporation issued 800 shares of $100 par preferred stock, with dividend rate of 4.00%. The shares were issued at par. 1/20/2017 Carlyle Corporation purchased land with fair market value of $24,000 by issuing 5,000 shares of $1.00 par common stock. Use the FMV of the land to value the transaction, because Carlyle's stock is not traded on an exchange. 1/31/2017 Carlyle earned revenue on account this month of $70,000. 1/31/2017 Carlyle incurred expenses on account of $55,000. CLOSING THE ACCOUNTS 1/31/2017 Debit Revenue for total revenue earned. Credit Expenses for total expenses incurred. Credit the net income amount to Retained Earnings. *Note In order to save enace in the inurnal lucer B 19 D E F G H 20 1/31/2017 0 21 1/31/2017 Carlyle incurred expenses on account of $55,000. 24 25 26 27 28 29 0 22 1/31/2017 0 CLOSING THE ACCOUNTS* 1/31/2017 Debit Revenue for total revenue earned. Credit Expenses for total expenses incurred. Credit the net income amount to Retained Earnings. 0 0 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 23 24 25 26 27 28 29 30 31 32 *Note: In order to save space in the journal, I used an abbreviated closing strategy, by closing revenues and expenses directly to Retained Earnings, rather than using an Income Summary account. The revenues are debited, the expenses are credited, and the difference is the net income. DEBIT CREDIT TRIAL BALANCE CASH ACCOUNTS RECEIVABLE LAND ACCOUNTS PAYABLE COMMON STOCK COMMON STOCK DISTRIBUTABLE PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK RETAINED EARNINGS REVENUE EXPENSES 45 46 47 48 49 50 0 0 51 52 IN BALANCE 53 54 55 BALANCE SHEET CASH ALT-STOCK-ISSUANCE + Ready 9:15 PN A B D H DEBIT CREDIT 39 40 41 42 43 44 45 TRIAL BALANCE CASH ACCOUNTS RECEIVABLE LAND ACCOUNTS PAYABLE COMMON STOCK COMMON STOCK DISTRIBUTABLE PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK RETAINED EARNINGS REVENUE EXPENSES 46 47 48 49 50 51 0 0 IN BALANCE BALANCE SHEET CASH ACCOUNTS RECEIVABLE LAND TOTAL ASSETS 0 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 ACCOUNTS PAYABLE COMMON STOCK PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK TOTAL PAID IN CAPITAL RETAINED EARNINGS TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 0 #VALUE! #VALUE! ALT-STOCK-ISSUANCE + Editing Analysis G H 0/17 K Date Transaction 1/1/2017 Carlyle Corporation issued 100,000 shares of $1.00 par common stock at a price of $1.00 per share. 1/10/2017 Carlyle Corporation issued 40,000 shares of $1.00 par common stock at a price of $1.50 per share. B D ALT-STOCK-ISSUANCE E F 2 TOTAL SCORE: 3 There are 5 problems in this set. Choose a number between 1 and 5: 4 5 UNE DATE GENERAL JOURNAL 6 1 1/1/2017 DEBIT CREDIT GRADE 7 2 0 8 3 0 9 4 1/10/2017 10 5 0 11 6 0 12 7 0 13 8 1/15/2017 14 9 0 15 10 0 16 11 17 12 1/20/2017 0 18 13 0 19 14 0 20 15 21 16 22 17 1/31/2017 0 23 18 0 24 19 25 20 1/31/2017 0 26 21 0 27 22 28 23 1/31/2017 0 29 24 0 30 25 0 31 26 77 ALT-STOCK-ISSUANCE Ready 1/15/2017 Carlyle Corporation issued 800 shares of $100 par preferred stock, with dividend rate of 4.00%. The shares were issued at par. 1/20/2017 Carlyle Corporation purchased land with fair market value of $24,000 by issuing 5,000 shares of $1.00 par common stock. Use the FMV of the land to value the transaction, because Carlyle's stock is not traded on an exchange. 1/31/2017 Carlyle earned revenue on account this month of $70,000. 1/31/2017 Carlyle incurred expenses on account of $55,000. CLOSING THE ACCOUNTS 1/31/2017 Debit Revenue for total revenue earned. Credit Expenses for total expenses incurred. Credit the net income amount to Retained Earnings. *Note In order to save enace in the inurnal lucer B 19 D E F G H 20 1/31/2017 0 21 1/31/2017 Carlyle incurred expenses on account of $55,000. 24 25 26 27 28 29 0 22 1/31/2017 0 CLOSING THE ACCOUNTS* 1/31/2017 Debit Revenue for total revenue earned. Credit Expenses for total expenses incurred. Credit the net income amount to Retained Earnings. 0 0 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 23 24 25 26 27 28 29 30 31 32 *Note: In order to save space in the journal, I used an abbreviated closing strategy, by closing revenues and expenses directly to Retained Earnings, rather than using an Income Summary account. The revenues are debited, the expenses are credited, and the difference is the net income. DEBIT CREDIT TRIAL BALANCE CASH ACCOUNTS RECEIVABLE LAND ACCOUNTS PAYABLE COMMON STOCK COMMON STOCK DISTRIBUTABLE PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK RETAINED EARNINGS REVENUE EXPENSES 45 46 47 48 49 50 0 0 51 52 IN BALANCE 53 54 55 BALANCE SHEET CASH ALT-STOCK-ISSUANCE + Ready 9:15 PN A B D H DEBIT CREDIT 39 40 41 42 43 44 45 TRIAL BALANCE CASH ACCOUNTS RECEIVABLE LAND ACCOUNTS PAYABLE COMMON STOCK COMMON STOCK DISTRIBUTABLE PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK RETAINED EARNINGS REVENUE EXPENSES 46 47 48 49 50 51 0 0 IN BALANCE BALANCE SHEET CASH ACCOUNTS RECEIVABLE LAND TOTAL ASSETS 0 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 ACCOUNTS PAYABLE COMMON STOCK PAID IN CAPITAL IN EXCESS OF PAR PREFERRED STOCK TOTAL PAID IN CAPITAL RETAINED EARNINGS TOTAL STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 0 #VALUE! #VALUE! ALT-STOCK-ISSUANCE +