Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am not sure what else I am missing? Need help please 2 Prepare journal entries to record the following four separate issuances of stock.

I am not sure what else I am missing? Need help please

image text in transcribed

2 Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth 1.42 $40,000. The stock has a $1 per share stated value 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. Answer is not complete. No General Journal Debit 35,000 Common stock, $5 par value Paid-in capital in excess of par value, Common stock 15,000 Organization expenses 40 Common stock, $1 stated value 38 Organization expenses 40 Common stock, no-par value 40 Cash 60 Preferred stock, $50 par value Paid-in capital in excess of par value, preferred stock S0 10

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Inventory

Authors: Steven M. Bragg

1st Edition

1938910222, 9781938910227

More Books

Students also viewed these Accounting questions

Question

Discuss the quality management system model.

Answered: 1 week ago

Question

Describe five career management practices

Answered: 1 week ago