Question
Accounting 311 Given info: On balance sheet Common stock is 30,000 (15,000 shares outstanding) 12/31/17 Anthony, Mayu, and Carly contributed money and services to maintain
Accounting 311
Given info:
On balance sheet Common stock is 30,000 (15,000 shares outstanding) 12/31/17
Anthony, Mayu, and Carly contributed money and services to maintain equal ownership.
What is the journal entry if on June 1 2018 Anthony and Mayu each contributed $20,000 for 10,000 shares of stock and also on June 1, 2018 Carly contributed $10,000, and provided accounting services in exchange for 10,000 shares.
What is the journal entry required for this transaction?
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Intermediate Accounting Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
13th Canadian Edition
1119740460, 978-1119740469
