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On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 74,600 shares...

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Accounting

imageimageimageOn January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 74,600 shares of $40 par common stock at $56, and on February 27, it issued for cash 15,640 shares of preferred stock, $10 par at $12.

Instructions On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 74,600 shares of $40 par common stock at $56, and on February 27, it issued for cash 15,640 shares of preferred stock, $10 par at $12. Required: a. Journalize the entries for January 22 and February 27. Refer to the Chart of Accounts for exact wording of account titles. b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27? JOURNAL Score: 49/75 ACCOUNT DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIA 1 Jan. 22 Cash 2 Common Stock 3 Paid-In Capital in Excess of Par-Common Stock 4 Feb. 27 Cash 5 Preferred Stock 6 Paid-In Capital in Excess of Par-Preferred Stock b. What is the total amount invested (total paid-in capital) by all stockholders as of February 27? $4,079,760.00 X Points: 0/1 Feedback Check My Work b. Paid-in capital refers to how much has been paid into the corporation by stockholders in order to be owners

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