The adler corporation is authorized to issue 125000 shares of common stock the company recently sold...
The adler corporation is authorized to issue 125000 shares of common stock the company recently sold 50000 shares for $25 per share.
a. prepare the journal entry to record the sale of the stock assuming the stock has a $25 par value
b. Prepare a journal entry to record the sale of the stock assuming the stock has a $5 par value
c. prepare the journal entry to record the sale the sale of the stock assuming the stock has no par value.
d. prepare the journal entry to record the sale of the stock assuming the stock has no par value, however, a $10 stated value is authorized by the company's board of directors.
Homework Answers
![ournal entries Amounts in $ Debit 1,250,000 Serial no. Account titles and explanation Credit Cash Common stock To record issuance of common stock at par) Explanation 50,000 shares X$25 par value $1,250,000 1,250,000 Cash (50,000 shares X $25) Common stock (50,000 shares X $5) Additional paid-in capital [50,000 shares X ($25 -$5 )] To record issuance of common stock above par) 1,250,000 250,000 1,000,000 Cash Common stock -no par value To record issuance of common stock with no par value) Explanation 50,000 shares X$25 per share- $1,250,000 1,250,000 1,250,000 Cash (50,000 shares X $25) Common stock (50,000 shares X $10) Additional paid-in capital [50,000 shares X ($25 -$ 10)] To record issuance of common stock at stated value) 1,250,000 500,000 750,000 Note : In journal entry d. the stock is carried at stated value assigned by the company](http://img.homeworklib.com/questions/2f0c7610-4730-11ea-ae53-df764186282f.png?x-oss-process=image/resize,w_560)
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