Question
During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,000 shares for cash
During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.
| Jan. 10 | Issued 80,000 shares for cash at $6 per share. |
| Mar. 1 | Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate. |
| July 1 | Issued 30,000 shares for cash at $8 per share. |
| Sept. 1 | Issued 60,000 shares for cash at $10 per share. |
| (a) | Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. |
| (b) | Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 per share |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Managerial Accounting
Authors: Karen W. Braun, Wendy M. Tietz
5th edition
134128524, 978-0134128528
