Prepare the paid-in capital portion

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Reference no: EM13159582

Norris Corporation was organized on January 1, 2007. 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 $1 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 60,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 12,000 shares of preferred stock for cash at $54 per share.
May 1 Issued 100,000 shares of common stock for cash at $5 per share.
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 $56 per share.

Instructions:

(a) Journalize the transactions.

(b) Post to the stockholders' equity accounts. (Use T accounts.)

Reference no: EM13159582

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