Question

During its first year of operations, Flint Corporation had these transactions pertaining to its common stock Jan. 10 Issued 26.900 shares for cash at $4 per share. July 1 issued 59.500 shares for cash at $7 per share. Support (a) Journalize the transactions, assuming that the common stock has a par value of $4 per share Journalize the transactions, assuming that the common stock is no par with a stated value of $2 per share (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts.)

Answer 1

a	Jan 10	Cash A/c    Dr	107,600
		To Common Stock A/c		107,600
		(26900*4)
	July 1	Cash A/c    Dr (59500*7)	416,500
		To Common Stock A/c (59500*4)		238,000
		To Paid in capital in excess of par common stock		178,500
b	Jan 10	Cash A/c    Dr (26,900*4)	107,600
		To Common Stock A/c (26,900*2)		53,800
		To Paid in capital in excess of stated value common stock		53,800
	July 1	Cash A/c    Dr (59,500*7)	416,500
		To Common Stock A/c (59,500*2)		119,000
		To Paid in capital in excess of stated value common stock		297,500