During its first year of operations, Kingbird Corporation had the following transactions pertaining to its common stock.

Jan. $10$ Issued $80,800$ shares for cash at $$6$ per share.

Mar. $1$ Issued $5,000$ shares to attorneys in payment of a bill for $$36,400$ for services rendered in helping the company to

incorporate.

July $1$ Issued $32,600$ shares for cash at $$8$ per share.

Sept. $1$ Issued $61,800$ shares for cash at $$10$ per share.

Your Answer Correct Answer

$$ Your answer is correct.

Prepare the journal entries for these transactions, assuming that the common stock has a par value of $$5$ per share. $($List all

debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent

manually. If no entry isrequired,select $"$No Entry" for the account titles and enter $0$ for the amounts. Record entriesin the order

displayed in the problem statement.$)$

Date Account Titles and Explanation Debit Credit

Jan. $10$ Cash

Common Stock

Paid$-$in Capital in Excess of Par $-$ Common Stock

Mar. $1$ Organization Expense

Common Stock

Paid$-$in Capital in Excess of Par $-$ Common Stock

$484800$

$404$

$80$

$36400.$

$250$

$11$

Chapter $14$ & $15$ HW

Question $1$ of $170\mathrm{.}8/1$

$($b$)$

July $1$ Cash

Common Stock

Paid$-$in Capital in Excess of Par $-$ Common Stock

Sept. $1$ Cash

Common Stock

Paid$-$in Capital in Excess of Par $-$ Common Stock

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Solution

List of Accounts Assistance Used

Attempts: $3$ of $3$ used

$$ Your answer is partially correct.

Prepare the journal entries for these transactions, assuming that the common stock is no$-$par with a stated value of $$3$ per

share. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not

indent manually. If no entry isrequired,select $"$No Entry" for the account titles and enter $0$ for the amounts. Record entriesin the order

displayed in the problem statement.$)$

Date Account Titles and Explanation Debit Credit

Jan. $10$ Cash

Common Stock

Paid$-$in Capital in Excess of Stated Value $-$ Common Stock

Mar. $1$ Organization Expense

Common Stock

Paid$-$in Capital in Excess of Stated Value $-$ Common Stock

$260800$

$163$

$97$

$618000$

$309$

$309$

$484800$

$36400$

Chapter $14$ & $15$ HW

Question $1$ of $170\mathrm{.}8/1$

July $1$ Cash

Common Stock

Paid$-$in Capital in Excess of Stated Value $-$ Common Stock

Sept. $1$ Cash

Common Stock

Paid$-$in Capital in Excess of Stated Value $-$ Common Stock