Homework Answers
Journal entry
| No | Account and explanation | Debit | Credit |
| a | Cash | 420000 | |
| Common Stock | 250000 | ||
| paid in capital in excess of par value-Common Stock | 170000 | ||
| (To record common stock) | |||
| b | Cash | 110000 | |
| Common Stock | 100000 | ||
| paid in capital in excess of par value-Common Stock | 10000 | ||
| (to record common stock) | |||
| c | Cash (3000*52) | 156000 | |
| Preferred stock | 150000 | ||
| paid in capital in excess of par value-Preferred Stock | 6000 | ||
| (To record preferred stock) | |||
| d | Organization expense | 900 | |
| Common Stock | 750 | ||
| paid in capital in excess of par value-Common Stock | 150 | ||
| (To record common stock) |
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journalize
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shares of $100 par value preferred stock and 40,000 shares of
no-par common stock. 2. 9,500 shares of common stock are issued to
the founders of the corporation for land valued by the board of
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