You are on page 1of 5

A.

Cooper 1
Aleshia Cooper
Thursday, 23 January, 2014
Accounts 305 -01
Mr. Terrance Richards
Homework Questions: E: 15-1, 15-2, 15-3, and 15-5

DATE

ACCOUNT

Debit

Jan. 10

Cash (80,000 * $6)

480,000

Common Stock (80,000 * $5)


2
3

400,000

A.P.I.C
Mar. 1

4
July 1

80,000

Organization Expense

35,000

Common Stock (5,000 * $5)

25,000

A.P.I.C

10,000

Cash (30,000 * $8)

240,000

Common Stock (30,000 * $5)

150,000

A.P.I.C
Sept.1

Credit

90,000

Cash (60,000 * $10)

600,000

Common Stock (60,000 * $5)

300,000

A.P.I.C

300,000
Part B

Jan. 10

Cash (80,000 * $6)


Common Stock (80,000 * $3)
A.P.I.C

480,000
240,000
240,000

A. Cooper 2
DATE

ACCOUNT

Mar.1

Organization Expense

Debit
35,000

Common Stock (5,000 * $3)

15,000

A.P.I.C

20,000

Cash (30,000 * $8)

240,000

Common Stock (30,000 * $3)

90,000

A.P.I.C
Sept.1

Credit

Cash (60,000 * $10)

150,000
600,000

Common Stock (60,000 * $3)

180,000

A.P.I.C

420,000

A. Cooper 3
Exercise15-2

DATE

ACCOUNT

Debit

Jan. 10

Cash (80,000 * $5)

400,000

Credit

Common Stock (80,000 * $1)


2
3

80,000

A.P.I.C
Mar. 1

320,000

Cash (5,000 * $108)

540,000

Preferred Stock
4

500,000

A.P.I.C
April1

May 1

40,000

Land

80,000

Common Stock (24,000 X $1)

24,000

A.P.I.C

56,000

Cash (80,000 * $7)

560,000

Common Stock (80,000 *$1)

80,000

A.P.I.C
Aug. 1

480,000

Organization Expense

50,000

Common Stock

10,000

A.P.I.C
Sept.1

Nov. 1

40,000

Cash (10,000 *$9)

90,000

Common Stock (10,000 *$1)

10,000

A.P.I.C

80,000

Cash (1,000 * $112)

112,000

Preferred Stock (1,000 * $100)


A.P.I.C

100,000
12,000

Exercise15-3

A. Cooper 4

DATE
1

ACCOUNT

Debit

Land (62 * 25,000)

1,550,000

Treasury Stock(53 * 25,000)


2

Credit

A.P.I.T

1,325,000
225,000

Exercise 15-5

A. Cooper 5

Accounts

Debit

Credit

Fair Value of Common (500 * $165)

82,500

Fair Value of Preferred (100 *$230)

23,000

Total

$105,500
$ 78,199

Allocated to Common: (82,500/$105,500) *$100,000


Allocated to Preferred:
$100,000
Total allocation

21,801

$23,000/$105,500 *

Cash

$100,000

100,000

Common Stock (500 X $10)

5,000

A.P.I.C($78,199 $5,000)

73,199

Preferred Stock (100 *$100)

10,000

A.P.I.C

11,801

Lump-sum receipt

100,000

Allocated to common (500 X $170)

85,000

Total allocation

$ 15,000

Cash

100,000

Common Stock (500 X $10)

5,000

A.P.I.C($78,199 $5,000)

80,000

Preferred Stock (100 X $100)

10,000

A.P.I.C

5,000