Question

Exercise 11-03 During its first year of operations, Concord Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 26,700 shares for cash at $4 per share. July 1 Issued 58,500 shares for cash at $7 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $4 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $3 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 No. (a) Click if you would like to show Work for this question: Open Show Work

Answer 1

a) Journal entry

No	Date	Account title and explanation	Debit	Credit
a	Jan 10	cash (26700*4)	106800
		Common Stock		106800
	July 1	Cash (58500*7)	409500
		Common Stock		234000
		Paid in capital in excess of par value-Common Stock		175500

b) Journal entry

No	Date	Account title and explanation	Debit	Credit
b	Jan 10	cash (26700*4)	106800
		Common Stock		80100
		Paid in capital in excess of stated value-Common Stock		26700
	July 1	Cash (58500*7)	409500
		Common Stock		175500
		Paid in capital in excess of stated value-Common Stock		234000