Question
Chapter Eight, Problem 1 Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of
Chapter Eight, Problem 1
Issuance of stock: organization costs. Snowbound Corporation was incorporated in July. The firm's charter authorized the sale of 200,000 shares of $11 par-value common stock. The following transactions occurred during the year:
7/1: | Sold 45,000 shares of common stock to investors for $18 per share. Cash was collected and the shares were issued. |
7/7: | Issued 600 shares to Sharon Dale, attorney-at-law, for services rendered during the corporation's organizational phase. Dale charged $12,600 for her work. |
8/11: | Sold 20,000 shares to investors for $22 per share. Cash was collected and the shares were issued. |
12/14: | Issued 30,000 shares to the MJB Company for land valued at $900,000. |
Instructions Prepare journal entries to record each transaction.
Copy of ACC205 Week Four Guidance Report Excel Sign in File Home Insert page Layout Formulas Data Review view Q lell me what you want to do Remind Mo Later RENEW YOUR SUBSCRIPTION To keep using your Office applications without interruption, please renew by Wednesday, March 15, 2017 Buy C99 11 95 96 Original Account to be changed Ch 8 Pb 1 s 14.00 s 11 11.00 12.00 13.00 15.00 Pa. 100 YOUR ANSWERS BASED UPON Questions 101 COURSE START DATE 102 103 7/1 Cash Common Stock 105 C/S additional Paid-in-Capital 106 10/ 7/7 Attorney expense 08 Common Stock C/S additional Paid-in Capital 09 Cash Common Stock 13 C/S additional Paid-in-Capital 115 Land Common Stock 16 C/S additional Paid-in-Capital Student Guidance Report Ask me anything orga Share 16.00 3:09 PM 3/5/2017 R2Step by Step Solution
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