11-4 Recording stock Insurances

Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 5,000 shares of $20 par value common stock for $120,000 cash. 2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has a $2 per share stated value. 3. A corporation issued 2,500 shares of no-par common stock to Its promoters in exchange for their efforts, estimated to be worth $51,000. The stock has no stated value. 4. A corporation Issued 1,250 shares of $25 par value preferred stock for $82,250 cash. X Answer is not complete. No Transaction General Journal Debit Credit A 1 Cash Common stock, $20 par value Paid-in capital in excess of par value, Common stock B 2 Organization expenses Common stock, $2 par value Paid-in capital in excess of par value, Common stock C 3 Omanization expenses