Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

National Spirit Inc. issues 320,000 common shares for $13 per share. The journal entry is: O A Cash 4,160,000 Common Shares 640,000 3,520,000 Contributed Surplus

image text in transcribed

National Spirit Inc. issues 320,000 common shares for $13 per share. The journal entry is: O A Cash 4,160,000 Common Shares 640,000 3,520,000 Contributed Surplus on Common Shares OB Cash 4,160,000 Common Shares 4,160,000 OC. Cash 320,000 Common Shares 320,000 OD Cash 4,160,000 Common Shares 320,000 Gain on the Sale of Shares 3,840,000

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

Auditing Principles

Authors: Nformi Eugene Tawe

1st Edition

3330651032, 978-3330651036

More Books

Students also viewed these Accounting questions

Question

1. Discuss the four components of language.

Answered: 1 week ago

Question

f. What stereotypes were reinforced in the commercials?

Answered: 1 week ago