Question

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eBock Show Me HowE Print Item Entries for Issuing Stock value 7,000 shares of preferred 7% stock, S60 per for On January 22, Enin Corperation issued for cash 32,000 shares of no-par common stock at s45. On February 14, Erin issued at par cash. On August 30, Erin issued for cash 15,000 shares or preferred 7% stock, $60 par at S67 Journalize the entries to record the January 22, February 14, and August 30 transactions If an amount box does not require an entry, leave it blank. Jan. 22 Feb. 14 Aug 30 Previous Next

Answer 1

Date	General Journal	Debit	Credit
Jan-22	Cash	$ 14,40,000.00
	Common stock		$ 14,40,000.00
	(To record issue of 32000 common stock shares )
Feb-14	Cash	$    4,20,000.00
	Preferred stock		$    4,20,000.00
	(To record issue of Preferred stock)
Aug-30	Cash (15000 x 67)	$ 10,05,000.00
	Preferred stock (15000 x 60)		$    9,00,000.00
	Paid in capital in excess of Par-Proffered stock (15000 x 7)		$    1,05,000.00
	(To record issue of Preferred stock)

When no par value is given then whole amount received is credited to common stock. It is assumed that whatever is received is par value of share when no par value or stated value is given.