Rodriguez Corporation issues 11,000 shares of its common stock for $154,100 cash on February 20. Prepare...
Rodriguez Corporation issues 11,000 shares of its common stock
for $154,100 cash on February 20. Prepare journal entries to record
this event under each of the following separate situations.
- The stock has a $12 par value.
- The stock has neither par nor stated value.
- The stock has a $6 stated value.
Homework Answers
1)
| Date | Account titles and explanation | Debit | Credit |
| Feb 20 | Cash | $154100 | |
| Common stock (11000*$12) | $132000 | ||
| Paid in capital in excess of par value- Common stock (154100-132000) | $22100 | ||
| (To record common stock issue) | |||
2)
| Date | Account titles and explanation | Debit | Credit |
| Feb 20 | Cash | $154100 | |
| Common stock | $154100 | ||
| (To record common stock issue) | |||
3)
| Date | Account titles and explanation | Debit | Credit |
| Feb 20 | Cash | $154100 | |
| Common stock (11000*$6) | $66000 | ||
| Paid in capital in excess of stated value- Common stock (154100-66000) | $88100 | ||
| (To record common stock issue) | |||
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