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P12-1A pg.582 Hayslett Corporation was organized on

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P12-1A
pg.582

Hayslett Corporation was organized on January 1, 2008. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 100,000 shares of common stock for cash at $3 per share.
Mar. 1 Issued 10,000 shares of preferred stock for cash at $55 per share.
Apr. 1 Issued 25,000 shares of common stock for land. The asking price of the land was $90,000.The fair market value of the land was $85,000.
May 1 Issued 75,000 shares of common stock for cash at $4 per share.
Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of $50,000 for services provided in helping the company organize.
Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share.
Nov. 1 Issued 2,000 shares of preferred stock for cash at $58 per share.






Journalize the transactions. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2. If amounts are the same, list alphabetically.)
Date Account / Description Debit Credit
Jan. 10 Accounts payableCommon stockPaid-in cap. in excess of stated value-Comm. stockCashPreferred stockLandPaid-in cap. in excess of stated value-Pref. stockOrganization expensePaid-in cap. in excess of par value-Pref. stockRetained earningsAccounts receivable $
Accounts payableRetained earningsPaid-in cap. in excess of stated value-Comm. stockOrganization expenseCashPaid-in cap. in excess of par value-Pref. stockCommon stockPreferred stockAccounts receivablePaid-in cap. in excess of stated value-Pref. stockLand $
Paid-in cap. in excess of stated value-Pref. stockPreferred stockPaid-in cap. in excess of par value-Pref. stockLandOrganization expenseAccounts receivableRetained earningsCashAccounts payablePaid-in cap. in excess of stated value-Comm. stockCommon stock $
Mar. 1 Accounts payableCashAccounts receivableCommon stockPaid-in cap. in excess of stated value-Comm. stockRetained earningsPreferred stockPaid-in cap. in excess of stated value-Pref. stockLandOrganization expensePaid-in cap. in excess of par value-Pref. stock $
CashPaid-in cap. in excess of stated value-Comm. stockRetained earningsLandPaid-in cap. in excess of stated value-Pref. stockAccounts receivableOrganization expenseAccounts payablePreferred stockPaid-in cap. in excess of par value-Pref. stockCommon stock $
Organization expensePaid-in cap. in excess of par value-Pref. stockRetained earningsCommon stockAccounts receivableAccounts payablePreferred stockCashPaid-in cap. in excess of stated value-Comm. stockPaid-in cap. in excess of stated value-Pref. stockLand $
Apr.1 Accounts receivableLandAccounts payablePaid-in cap. in excess of stated value-Comm. stockPreferred stockCashPaid-in cap. in excess of par value-Pref. stockCommon stockPaid-in cap. in excess of stated value-Pref. stockOrganization expenseRetained earnings $
Paid-in cap. in excess of par value-Pref. stockCashRetained earningsPaid-in cap. in excess of stated value-Comm. stockCommon stockAccounts payableOrganization expensePreferred stockAccounts receivablePaid-in cap. in excess of stated value-Pref. stockLand $
CashRetained earningsAccounts payableLandOrganization expensePaid-in cap. in excess of par value-Pref. stockAccounts receivablePaid-in cap. in excess of stated value-Comm. stockCommon stockPreferred stockPaid-in cap. in excess of stated value-Pref. stock $
May 1 CashRetained earningsPaid-in cap. in excess of par value-Pref. stockCommon stockAccounts receivableAccounts payablePaid-in cap. in excess of stated value-Comm. stockPreferred stockPaid-in cap. in excess of stated value-Pref. stockOrganization expenseLand $
Organization expensePaid-in cap. in excess of par value-Pref. stockAccounts payableCommon stockCashPaid-in cap. in excess of stated value-Comm. stockPreferred stockLandPaid-in cap. in excess of stated value-Pref. stockAccounts receivableRetained earnings $
Accounts payablePaid-in cap. in excess of stated value-Comm. stockCommon stockCashPreferred stockOrganization expenseAccounts receivablePaid-in cap. in excess of stated value-Pref. stockRetained earningsLandPaid-in cap. in excess of par value-Pref. stock $
Aug. 1 Paid-in cap. in excess of par value-Pref. stockLandAccounts payableCashPaid-in cap. in excess of stated value-Comm. stockRetained earningsAccounts receivableOrganization expensePreferred stockCommon stockPaid-in cap. in excess of stated value-Pref. stock $
LandPaid-in cap. in excess of par value-Pref. stockOrganization expenseAccounts payableRetained earningsAccounts receivablePreferred stockPaid-in cap. in excess of stated value-Pref. stockCommon stockPaid-in cap. in excess of stated value-Comm. stockCash $
Paid-in cap. in excess of stated value-Pref. stockRetained earningsPaid-in cap. in excess of par value-Pref. stockCashPaid-in cap. in excess of stated value-Comm. stockPreferred stockLandOrganization expenseAccounts payableAccounts receivableCommon stock $
Sept. 1 Organization expenseAccounts payableCashPaid-in cap. in excess of stated value-Comm. stockRetained earningsAccounts receivableCommon stockPreferred stockPaid-in cap. in excess of stated value-Pref. stockLandPaid-in cap. in excess of par value-Pref. stock $
Paid-in cap. in excess of par value-Pref. stockPaid-in cap. in excess of stated value-Pref. stockAccounts payableCashOrganization expenseRetained earningsAccounts receivableLandCommon stockPaid-in cap. in excess of stated value-Comm. stockPreferred stock $
Accounts payablePaid-in cap. in excess of par value-Pref. stockPreferred stockOrganization expensePaid-in cap. in excess of stated value-Comm. stockCashRetained earningsLandAccounts receivablePaid-in cap. in excess of stated value-Pref. stockCommon stock $
Nov. 1 Paid-in cap. in excess of par value-Pref. stockPaid-in cap. in excess of stated value-Pref. stockRetained earningsAccounts receivableAccounts payableCashCommon stockLandPaid-in cap. in excess of stated value-Comm. stockPreferred stockOrganization expense $
Paid-in cap. in excess of stated value-Comm. stockPreferred stockCashLandPaid-in cap. in excess of par value-Pref. stockRetained earningsAccounts receivableAccounts payableOrganization expenseCommon stockPaid-in cap. in excess of stated value-Pref. stock $
Preferred stockRetained earningsCommon stockPaid-in cap. in excess of par value-Pref. stockCashPaid-in cap. in excess of stated value-Comm. stockPaid-in cap. in excess of stated value-Pref. stockLandOrganization expenseAccounts receivableAccounts payable $







Post to the stockholders' equity accounts. (Use J1 as the posting reference.) (If answer is zero, please enter 0. Do not leave any fields blank.)
Preferred Stock


Date

Explanation
Ref.
Debit
Credit
Balance

Mar. 1 J1
Nov. 1 J1


Common Stock


Date

Explanation
Ref.
Debit
Credit
Balance

Jan. 10 J1
Apr. 1 J1
May 1 J1
Aug. 1 J1
Sept. 1 J1


Paid-in Capital in Excess of Par Value - Preferred Stock


Date

Explanation
Ref.
Debit
Credit
Balance

Mar. 1 J1
Nov. 1 J1


Paid-in Capital in Excess of Stated Value - Common Stock


Date

Explanation
Ref.
Debit
Credit
Balance

Jan. 10 J1
Apr. 1 J1
May 1 J1
Aug. 1 J1
Sept. 1 J1







Complete the paid-in capital section of stockholders' equity at December 31, 2008. (List entries by the format used in the text.)
HAYSLETT CORPORATION

Stockholders' equity
Paid-in capital
In excess of par value-pref. stockCapital stockAdditional paid-in capitalCommon stock, no parIn excess of stated value-comm. stock6% Preferred stock
Additional paid-in capitalCommon stock, no parCapital stockIn excess of par value-pref. stockIn excess of stated value-comm. stock6% Preferred stock,
$ par value,
shares authorized,
shares issued and outstanding $
In excess of par value-pref. stockCapital stockIn excess of stated value-comm. stockAdditional paid-in capitalCommon stock, no par6% Preferred stock,
$ stated value,
shares authorized,
shares issued and outstanding

Total capital stock
Common stock, no parIn excess of stated value-comm. stockIn excess of par value-pref. stock6% Preferred stockAdditional paid-in capitalCapital stock
Common stock, no parIn excess of stated value-comm. stock6% Preferred stockIn excess of par value-pref. stockCapital stockAdditional paid-in capital $
Additional paid-in capital6% Preferred stockIn excess of par value-pref. stockIn excess of stated value-comm. stockCommon stock, no parCapital stock

Total additional paid-in capital

Total paid-in capital $
Submitted: 4 years ago.
Category: Homework
Expert:  Neo replied 4 years ago.
Good day!

Please download HERE.
Customer: replied 4 years ago.

this is not clear to me. could the information be listed with the amounts. for example listed like this: dr cr

Expert:  Neo replied 4 years ago.


Please download HERE.
.
Customer: replied 4 years ago.
could you lists the information with the amounts
Expert:  Neo replied 4 years ago.
What do you mean?
Customer: replied 4 years ago.

for instance: on Jan 10 what the accoun/description for the debit and what are the 2 accou/description for the credits and the amounts. i am lost

Expert:  Neo replied 4 years ago.
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