Question

Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) May 19: Issued 2,000 shares of $1 par value common stock for cash of $10.00 per share. Date Accounts Debit Credit May 19 Cash 20,000 Paid-In Capital in Excess of Par—Common Common Stock—$1 Par Value 18,000 2,000 Jun. 3: Issued 200 shares of $2, no-par preferred stock for $10,000 cash. Date Accounts Debit Credit Jun. 3 Cash 10,000 Preferred Stock—No Par Value 10,000

Answer 1

Total paid-in Capital generated from these transactions amounts to $108000

Paid-in Capital from:
Transaction 1	20000
Transaction 2	10000
Transaction 3	78000
Total Paid-in Capital	108000