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During its first year of operations, Pharoah Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 July 1 Sept. 1
During its first year of operations, Pharoah Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 July 1 Sept. 1 Issued 82,500 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $37,700 for services rendered in helping the company to incorporate. Issued 31,700 shares for cash at $8 per share. Issued 63,600 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 $4 per share. (b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit (a) 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 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 Sept. 1 Cash Common Stock Paid-in Capital in Excess of Par - Common Stock Click if you would like to show Work for this question: Onen Show Work
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