Question

Haip Save 홀 tat Subnt Check my Prepare jouin to record the toloning four separate ssuances of stock 1. A corporation issiged 7000 shes of 530 par value common stock for $252 00D csh 2. A corpotahom esusd 3,500 shiates of no-par common stock to ts promoters in esthange for biens eftforts, estmated to be worth 杓 $46,500 The stock has a 5tper share stated vaue 3. A corper tion esuend 2,500 chares of no por common stoce to ts peaitoters in eschange tor ther efforts. estmaed to be wh 4. A corporivtion ssued 1,750 shares of $50 par voh preemed stock tor $134 000 cash 546 500 The stock has no stated val Journal entry worksheet acord the nsue of 7,oco shares of s30 par vaue comnos stock For 5252,00o O Trpe here to search

answer

Answer 1

Transaction	General Journal	Debit	Credit
1	Cash	252,000
	Common stock, $30 par value		210,000	=7000*30
	Paid-in capital in excess of par value, Common stock		42,000
2	Organization expenses	46,500
	Common stock, $1 stated value		3,500
	Paid-in capital in excess of stated value, common stock		43,000
3	Organization expenses	46,500
	Common stock, no-par value		46,500
4	Cash	134,000
	Preferred stock, $50 par value		87,500	=1750*50
	Paid-in capital in excess of par value, preferred stock		46,500