During its first year of operations, Martinez Corp. had these transactions pertaining to its common stock....
During its first year of operations, Martinez Corp. had these
transactions pertaining to its common stock.
| Jan. 10 | Issued 25,800 shares for cash at $6 per share. | |
| July 1 | Issued 54,000 shares for cash at $8 per share. |
| (a) | Journalize the transactions, assuming that the common stock has a par value of $6 per share. | |
| (b) | Journalize the transactions, assuming that the common stock is no-par with a stated value of $3 per share. |
Homework Answers
1a) Journal entries
| Date | account and explanation | Debit | Credit |
| Jan 10 | Cash (25800*6) | 154800 | |
| Common Stock | 154800 | ||
| July 1 | Cash (54000*8) | 432000 | |
| Common Stock (54000*6) | 324000 | ||
| Paid in capital in excess of par value-Common Stock | 108000 | ||
1b) Journal entries
| Date | account and explanation | Debit | Credit |
| Jan 10 | Cash (25800*6) | 154800 | |
| Common Stock | 77400 | ||
| Paid in capital in excess of stated value-Common Stock | 77400 | ||
| July 1 | Cash (54000*8) | 432000 | |
| Common Stock | 162000 | ||
| Paid in capital in excess of stated value-Common Stock | 270000 | ||
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