Journal Entries | |||
Date | Account Title and explanation | Debit | Credit |
Cash | $ 2,50,000 | ||
Oct-01 | To Common Stock - Par Value (50000 Shares X $ 4 per shares) | $ 2,00,000 | |
To Excess on par Value - Common (50000 Shares X 1 Per Shares) | $ 50,000 | ||
(To Record the issuance of the commons Stock) | |||
ÓCt , 027 | Account Payable | $ 30,000 | |
To Common Stock - Par Value (4000 Shares X $ 4 per shares) | $ 16,000 | ||
To Excess on par Value - Common (Balance Amount) | $ 14,000 | ||
(To Record the issuance of the commons Stock against AP) | |||
Nov , 24 | Land | $ 25,000 | |
Warehouse | $ 1,00,000 | ||
To Common Stock - Par Value (24000 Shares X $ 4 per shares) | $ 96,000 | ||
To Excess on par Value - Common (Balance Amount) | $ 29,000 | ||
(To Record the issuance of Common Stock against land and warehouse) | |||
Dec , 12 | Cash (10000 Shares X 55 ) | $ 5,50,000 | |
To Preferred Shares Capital - Par Value (10000 Shares X $ 50 per shares) | $ 5,00,000 | ||
To Excess on par Value - Preferred Shares (50000 Shares X 1 Per Shares) | $ 50,000 | ||
(To Record the issuance of the Preferred Stock) | |||
Dec-31 | "No Journal Entry) | $ - | $ - |
Note: Par value of the preferred stock is not showing so assumed $ 50, if any other please comment i will correct the amount of entry
operations on Oct 1, 2019 It is authorized to issue 20,000 shares f value preferred stock...
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