Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you please prepare the journal entries to record the above transactions? Thank you! Whispering Corporation was organized on January 1,2020 . It is authorized

Can you please prepare the journal entries to record the above transactions? Thank you! image text in transcribed
Whispering Corporation was organized on January 1,2020 . It is authorized to issue 9,600 shares of 8%,$100 par value preferred stock, and 501,500 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. Jan. Issued 80,050 shares of common stock for cash at \$6 per share. 10 Mar. Issued 5,930 shares of preferred stock for cash at $113 per share. 1 Apr. Issued 24,680 shares of common stock for land. The asking price of the land was $90,820; the fair value of the land was 1$80.050. May Issued 80,050 shares of common stock for cash at $8 per share. Aug. Issued 9,600 shares of common stock to attorneys in payment of their bill of $50,400 for services rendered in helping the 1 company organize. Sept. Issued 9,600 shares of common stock for cash at $10 per share. 1 Nov. Issued 1,100 shares of preferred stock for cash at $115 per share. 1

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

Accounting Principles Volume 2 Chapters 13 To 26

Authors: Jerry J. Weygandt

11th Edition

1118342070, 978-1118342077

More Books

Students also viewed these Accounting questions

Question

3. What would you do now if you were Mel Fisher?

Answered: 1 week ago

Question

14.3 Explain WHMISlegislation.

Answered: 1 week ago