Rodriguez Corporation issues 6,000 shares of its common stock
for $118,400 cash on February 20. Prepare journal entries to record
this event under each of the following separate situations.
a. Record the issue of 6,000 shares of $18 par value common stock for $118,400 cash.
b. Record the issue of 6,000 shares of no-par, no-stated value common stock for $118,400 cash.
c .Record the issue of 6,000 shares of $9 stated value common stock for $118,400 cash.
Ans:
1.
Date | Account title and explanation | Debit($) | Credit($) |
20 Feb | Cash | 118,400 | |
Common stock 18*6000 | 108,000 | ||
Paid in capital in excess of par value | 10,400 | ||
(to record the issue of shares @$18 par value) |
2.
Date | Account title and explanation | Debit($) | Credit($) |
20 Feb | Cash | 118,400 | |
Common stock | 118,400 | ||
( to record the issue of shares @ no par value) |
3.
Date | Account title and explanation | Debit($) | Credit($) |
20 Feb | Cash | 118,400 | |
Common stock(5*6000) | 30,000 | ||
Paid-in capital in excess of par value | 88,400 | ||
( to record the issue of 6,000 shares @ $9 stated value) |
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