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please help, I am stuck. I have all of the entries correct, except for the one marked in red? Return to question Prepare journal entries
please help, I am stuck. I have all of the entries correct, except for the one marked in red?
Return to question Prepare journal entries to record the following four separate issuances of stock 6.66 polnts 1. A corporation issued 4,000 shares of $20 par value common stock for $96,000 cash. 2 A corporation issued 2000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $36,500. The stock has a $2 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 $36,500. The stock has no stated value. 4. A corporation issued 1000 shares of $75 par value preferred stock for $11.500 cash. 3 Answer is not complete. No Transaction General Journal Debit Credit Cash 96000 Common stock, $20 par value Paid-in capital in excess of par value, Common stock 80,000 16,000 2 Organization expenses 36.500 75,000 0 Paid-in capital in excess of stated value, common stock Organization expenses 36,500 Common stock, no-par value 36,500 Cash 111,500 Preferred stock, $75 par valueStep by Step Solution
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