Question

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

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

Solutions

Expert Solution

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

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