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I just need to know how to calculate the ones I got wrong. Exercise 11-1 Your answer is partially correct. Try again. During its first
I just need to know how to calculate the ones I got wrong.
Exercise 11-1 Your answer is partially correct. Try again. During its first year of operations, Monty Corp. had these transactions pertaining to its common stock. Jan. 10 Issued 25,900 shares for cash at $4 per share. July 1 Issued 54,500 shares for cash at $9 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $4 per share (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (Record journal entries in the order presented in the problem. 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) Account Titles and Explanation Debit No. Date Credit (a) T Jan. 10 Cash 103600 103600 Common Stock July 1 Cash 490500 218000 Common Stock 163500 Paid-in Capital in Excess of Par Value-Common St (b) Jan. 10Cash 103600 25900 Common Stock 77700 Paid-in Capital in Excess of Stated Value-Commor July 1Cash 490500 54500 Common Stock Paid-in Capital in Excess of Stated Value-Commor 327000Step by Step Solution
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