Warren Company had the following transactions. Issued 5,000 shares of common stock with a stated value...
Warren Company had the following transactions.
Issued 5,000 shares of common stock with a stated value of $10 for $110,000.
Issued 2,000 shares of $100 par preferred stock at $107 for cash.
Journalize these transactions
Homework Answers
| 1 | Cash | 110,000 | |
| Common stock (5,000*10) | 50,000 | ||
| Paid in capital in excess of stated value - Common stock | 60,000 | ||
| 2 | Cash (2000*107) | 214,000 | |
| Preferred stock (2000*100) | 200,000 | ||
| Paid in capital in excess of par - Preferred stock | 14,000 |
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