Rodriguez Corporation issues 19,000 shares of its common stock
for $152,000 cash on February 20. Prepare journal entries to record
this event under each of the following separate
situations.
Solution
Transaction | General Journal | Debit | Credit |
a. | Cash | $ 152,000.00 | |
Common stock | $ 38,000.00 | ||
Paid in capital in excess of par value -Common stock | $ 114,000.00 | ||
(To record issuance of common stock) | |||
b | Cash | $ 152,000.00 | |
Common stock | $ 152,000.00 | ||
(To record issuance of common stock) | |||
c | Cash | $ 152,000.00 | |
Common stock | $ 95,000.00 | ||
Paid in capital in excess of stated value -Common stock | $ 57,000.00 | ||
(To record issuance of common stock) |
When there is neither par not stated value all cash received on stock issue is credited to common stock account.
Rodriguez Corporation issues 19,000 shares of its common stock for $152,000 cash on February 20. Prepare...
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