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ACCT 301 Fall 2020 Assignment #2 Due on Sept 29, 2020 @ 11:59PM #1. (Recording the Issuances of Common Stock) - During its first year
ACCT 301 Fall 2020 Assignment #2 Due on Sept 29, 2020 @ 11:59PM #1. (Recording the Issuances of Common Stock) - During its first year of operations, XYZ Corporation had the following transactions pertaining to its common stock: Apr. 26 Issued 15,000 shares for cash at $4.50 per share. May 11 Issued 10,000 shares to attorneys in payment of a bill for $48,000 for services rendered in helping the company to incorporate Aug. 1 Issued 20,000 shares for cash at $5 per share. Nov. 1 Issued 10,000 shares for cash at $7 per share. Instructions (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $1 per share. Date Debit Credit April 26 Account May 11 August 1 Nov 1 (b) Prepare the journal entries for these transactions, assuming that the common stock is no par with a stated value of $3 per share. Date Account Debit Credit April 26 May 11 August 1 Nov 1 ACCT 301 Fall 2020 Assignment #2 Due on Sept 29, 2020 @ 11:59PM #1. (Recording the Issuances of Common Stock) - During its first year of operations, XYZ Corporation had the following transactions pertaining to its common stock: Apr. 26 Issued 15,000 shares for cash at $4.50 per share. May 11 Issued 10,000 shares to attorneys in payment of a bill for $48,000 for services rendered in helping the company to incorporate Aug. 1 Issued 20,000 shares for cash at $5 per share. Nov. 1 Issued 10,000 shares for cash at $7 per share. Instructions (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $1 per share. Date Debit Credit April 26 Account May 11 August 1 Nov 1 (b) Prepare the journal entries for these transactions, assuming that the common stock is no par with a stated value of $3 per share. Date Account Debit Credit April 26 May 11 August 1 Nov 1
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