Journal entry
No | Account and explanation | Debit | Credit |
1 | Cash | 180000 | |
Common Stock (5000*30) | 150000 | ||
Paid in capital in excess of par value-Common Stock | 30000 | ||
2 | Organization expense | 23000 | |
Common Stock | 2500 | ||
Paid in capital in excess of stated value-Common Stock | 20500 | ||
3 | Organization expense | 23000 | |
Common Stock | 23000 | ||
4 | Cash | 85500 | |
Preferred stock (1250*50) | 62500 | ||
Paid in capital in excess of par value-Preferred Stock | 23000 | ||
Prepare journal entries to record each of the following four separate issuances of stock 1 A...
Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $20 par value common stock for $96,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $59,500. The stock has a $3 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated...
Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 3,000 shares of $20 par value common stock for $72,000 cash. 2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has a $3 per share stated value. 3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be...
Exercise 11-3 Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 8,000 shares of $20 par value common stock for $192.000 cash. 2. A corporation issued 4,000 shares of no par common stock to its promoters in exchange for their efforts, estimated to be worth $32,000. The stock has a $1 per share stated value. 3. A corporation issued 4,000 shares of no par common stock to its promoters in...
Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 10,000 shares of $10 par value common stock for $120,000 cash. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $29,000. The stock has a $1 per share stated value. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth...
Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 8,000 shares of $20 par value common stock for $192,000 cash. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $58,500. The stock has a $1 per share stated value. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth...
Prepare journal entries to record the following four separate issuances of stock. A corporation issued 7,000 shares of $30 par value common stock for $252,000 cash. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,500. The stock has a $1 per share stated value. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $30,500. The...
Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $21,500. The stock has a $1 per share stated value. 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be...
Prepare journal entries to record the following four separate issuances of stock. A corporation issued 8,000 shares of $10 par value common stock for $96,000 cash. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $38,000. The stock has a $1 per share stated value. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $38,000. The...
Exercise 11-3 Recording stock issuances LO P1 Prepare journal entries to record the following four separate issuances of stock. A corporation issued 3,000 shares of $20 par value common stock for $72,000 cash. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $59,500. The stock has a $4 per share stated value. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their...
Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $20 par value common stock for $96,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $54,000. The stock has a $3 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its...