Homework Answers
Required journal entries are:
1.Stock has $14 par value.
| Transaction | General Journal | Debit | Credit |
| 1 | Cash | 159600 | |
| Common stock | 140000 | ||
| Additional paid in capital in excess of par value | 19600 | ||
| (for 10000 shares @ $14 par issued for cash) |
2. Stock has neither par nor stated value.
| Transaction | General Journal | Debit | Credit |
| 2 | Cash | 159600 | |
| Common stock | 159600 | ||
| (for 10000 shares issued with no par value) |
3. Stock has $7 stated value.
| Transaction | Description | Debit | Credit |
| 3 | Cash | 159600 | |
| Common stock | 70000 | ||
| Additional paid in capital | 89600 | ||
| (for 10000 shares issued at $7 stated value) |
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Rodriguez Corporation issues 10,000 shares of its common stock for $159,600 cash on February 20. Prepare...
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Record the issue of 2,000 shares of no-par common stock to its
promoters in exchange for their efforts, estimated to be worth
$44,000. The stock has $2 per share stated value.
Record the issue of 2,000 shares of no-par common stock to its
promoters in exchange for their efforts, estimated to be worth
$44,000. The stock has no stated value.
Record the issue of 1,000 shares of $100 par value preferred
stock for $144,000 cash.
Prepare journal entries to record...
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