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Nilson Company is incorporated at the beginning of...

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Question

Nilson Company is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders? equity during its first year of operations. a. Cash?????????????????????. 60,000 Common stock, $1 Par Value?????.. 1,500 Paid-In Capital in Excess of Par Value, Common Stock??????... 58,000 b. Organization Expenses??????????.. 20,000 Common stock, $1 Par Value?????.. 500 Paid-In Capital in Excess of Par Value, Common Stock??????... 19,500 c. Cash?????????????????????.. 6,650 Accounts Receivable?????????????. 4,000 Building????????????????????.. 12,500 Notes Payable???????????.. 3,150 Common Stock, $1 Par Value??.. 400 Paid-In Capital in Excess of Par Value, Common Stock???.. 19,600 d. Cash?????????????????????. 30,000 Common Stock, $1 Par Value?????.. 600 Paid-In Capital Excess of Par Value, Common Stock???? 29,400 REQUIRED 1. Explain the transaction(s) underlying each journal entry (a) through (d).

 

Paper#3195 | Written in 18-Jul-2015

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