Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can someone help me with these journal entries? Required information Use the following information for Exerclses 4-5 below. (Algo) IThe following information applies to the

can someone help me with these journal entries? image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information Use the following information for Exerclses 4-5 below. (Algo) IThe following information applies to the questions displayed below] Following are the issuances of stock transactions. 1. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash. 2. A corporation issued 3,500 shares of no-pat common stock to its promoters in exchange for their efforts, estimated to be worth $53,500. The stock has a $2 pet share stated value 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their elforts, estimated to be worth $53.500. The stock has no stated value. 4. A corporation issued 1,750 shares of $50 par value preferred stock for $141,000cash. Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. (1) Required information repare journal entries to record each of the following tour separate issuances of stock. Journal entry worksheet Record the issue of 7,000 shares of $20 par value common stock for $168,000 cash. Narm. Fntor dahits before credits. Record the issue of 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $53,500. The stock has a $2 per share stated value. Note: Enter debits before credits. Record the issue of 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $53,500. The stock has no stated value. Note: Enter debits before credits. Journal entry worksheet Record the issue of 1,750 shares of $50 par value preferred stock for $141,000 cash. Note: Enter debits before credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Why is the use of private T-1 lines attractive to companies?

Answered: 1 week ago