Question

Exercise 11-3 During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock. Jan. July 10 Issued 65,500 shares for cash at $5 per share. 1 Issued 43,000 shares for cash at $10 per share. Journalize the transactions, assuming that the common stock has a par value of $5 per share. (Record journal entries in the order presented in the problem. 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 o for the amounts.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS Journalize the transactions, assuming that the common stock is no-par with a stated value of $2 per share. (Record journal entries in the order presented in the problem. 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 o for the amounts.) Date Account Titles and Explanation Debit Credit

Answer 1

a) Journal entry

date	General journal	Debit	Credit
Jan 10	Cash (65500*5)	327500
	Common Stock		327500
July 1	Cash	430000
	Common Stock (43000*5)		215000
	Paid in capital in excess of par value-Common Stock		215000

b) Journal entry

date	General journal	Debit	Credit
Jan 10	Cash (65500*5)	327500
	Common Stock		131000
	Paid in capital in excess of stated value-Common Stock		196500
July 1	Cash	430000
	Common Stock		86000
	Paid in capital in excess of stated value-Common Stock		344000