Homework Answers
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 | |||
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Exercise 11-03 During its first year of operations, Concord Corporation had these transactions pertaining to its...
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