Question

During its first year of operations, Sheffield Corporation had the following transactions pertaining to its common stock.

Jan. 10		Issued 82,100 shares for cash at $7 per share.
Mar. 1		Issued 5,000 shares to attorneys in payment of a bill for $36,700 for services rendered in helping the company to incorporate.
July 1		Issued 32,300 shares for cash at $9 per share.
Sept. 1		Issued 60,500 shares for cash at $11 per share.

Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

	Date	Account Titles and Explanation	Debit	Credit
(a)	choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
	choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
	choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
	choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount

  

  

Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

Answer 1

Sheffield Corporation- Part-A
Date	Account Title	Debit	Credit
10-Jan	Cash (82100*7)	$574,700.00
	Common Stock (82100*5)		$410,500.00
	Paid in Capital in Excess of Par - Common Stock		$164,200.00
1-Mar	Organization expense	$36,700.00
	Common Stock (5000*5)		$25,000.00
	Paid in Capital in Excess of Par - Common Stock		$11,700.00
1-Jul	Cash (32300*9)	$290,700.00
	Common Stock (32300*5)		$161,500.00
	Paid in Capital in Excess of Par - Common Stock		$129,200.00
1-Sep	Cash (60500*11)	$665,500.00
	Common Stock (60500*5)		$302,500.00
	Paid in Capital in Excess of Par - Common Stock		$363,000.00
Sheffield Corporation- Part-B
Date	Account Title	Debit	Credit
10-Jan	Cash (82100*7)	$574,700.00
	Common Stock (82100*2)		$164,200.00
	Paid in Capital in Excess of Stated Value - Common Stock		$410,500.00
1-Mar	Organization expense	$36,700.00
	Common Stock (5000*2)		$10,000.00
	Paid in Capital in Excess of stated Value - Common Stock		$26,700.00
1-Jul	Cash (32300*9)	$290,700.00
	Common Stock (32300*2)		$64,600.00
	Paid in Capital in Excess of stated Value - Common Stock		$226,100.00
1-Sep	Cash (60500*11)	$665,500.00
	Common Stock (60500*2)		$121,000.00
	Paid in Capital in Excess of stated Value - Common Stock		$544,500.00