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a. On June 1, 2020 the Maintenance Corporation sold 50,000 shares of stock for $1 per share to investors. The par value of the stock
a. On June 1, 2020 the Maintenance Corporation sold 50,000 shares of stock for $1 per share to investors. The par value of the stock was $.10 per share. b. On June 15, 2020 the company performed maintenance services for $100,000 of which $75,000 was collected in cash at the time the services were performed and the rest was on account. c. On June 24, 2020 the company collected $15,000 additional cash for the services rendered in (b.) above. No additional services were performed in this transaction. Enter your journal entries in the table below. Debit Credit $50,000 $0.10 Date Description 6/1/2020 Issues of stock Cash Common Stock (to record the issues of 50,000 stock at par value for cash at $.10) 6/15/2020 Maintenance services Services Cash (To recorded the maintenance services preformed) 6/15/2020 Collected Accounts 100,000 100,000
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