Cash and Noncash Share Issuances Guild Corporation was organized on June 1. The company's charter authorizes 500,000 shares of $5 par value common stock. On July 1, the attorney who helped organize the corporation accepted 300 shares of Guild common stock in settlement for the services provided (the services were valued at $3,800). On July 15, Guild issued 2,500 common shares for $32,500 cash. On September 15, Guild issued 1,000 common shares to acquire a vacant land site appraised at $14,000

Prepare the journal entries to record the stock issuances on July 1, July 15, and September 15.

General Journal
Date	Description	Debit	Credit
July 1	AnswerCashCommon stockLandOrganization costsPaid in capital in excess of par value	Answer	Answer
	Common stock	Answer	Answer
	AnswerCashCommon stockLandOrganization costsPaid in capital in excess of par value	Answer	Answer
	Issued common shares in exchange for legal services.
July 15	AnswerCashCommon stockLandOrganization costsPaid in capital in excess of par value	Answer	Answer
	Common stock	Answer	Answer
	AnswerCashCommon stockLandOrganization costsPaid in capital in excess of par value	Answer	Answer
	Issued common shares for cash.
Sept. 15	AnswerCashCommon stockLandOrganization costsPaid in capital in excess of par value	Answer	Answer
	Common stock	Answer	Answer
	AnswerCashCommon stockLandOrganization costsPaid in capital in excess of par value	Answer	Answer
	Issued common shares for land.