Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. swifty corporation was organized on january 1,2025

Swifty Corporation was organized on January 1,2025. It is authorized to issue 9,400 shares of...

60.1K

Verified Solution

Question

Accounting

Swifty Corporation was organized on January 1,2025. It is authorized to issue 9,400 shares of 8%,$100 par value preferred stock, and 537,000 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 80,740 shares of common stock for cash at $6 per share.
Mar. 1 Issued 5,980 shares of preferred stock for cash at $109 per share.
Apr. 1 Issued 24,200 shares of common stock for land. The asking price of the land was $90,970; the fair value of the land was $80,740.
May 1 Issued 80,740 shares of common stock for cash at $9 per share.
Aug. 1 Issued 9,400 shares of common stock to attorneys in payment of their bill of $48,600 for services rendered in helping the company organize.
Sept. 1 Issued 9,400 shares of common stock for cash at $11 per share.
Nov. 1 Issued 1,080 shares of preferred stock for cash at $118 per share.
Prepare the journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Please ONLY answer sections A, D and F. In other words, I need to know: Project’s...

Psychology
1.2K views

what makes an impulse a clinical problem and something that requires treatment?

Physics
1.2K views

A ray of light travels from air into another medium, making an angle of ??...

Physics
1.2K views

Position of a particle is given by x = A sin(wt + ?) where x...

Statistics
1.2K views

A binomial experiment consists of 700 trials The probability of success for each trial is...

Calculus
1.2K views

1 Find the critical number s of the function f x x O 0 and...

Calculus
1.2K views

Find the average value of f x x 1 15 x 6 s X

Accounting
1.2K views

A substantial portion of inventory owned by Prentiss Sporting...

Accounting
1.2K views

Pension data for Manu Services Inc. include the following: Discount rate Expected return...

Accounting
1.2K views

At the beginning of the week the bank account balance was $9,821.40 and during the...

Accounting
1.2K views

Help please ! 3. (10 points) The following standards have been established...

Accounting
1.2K views

What is the value today of receiving $4,250 at the end of three years, assuming...