Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

prac 3 Chechny Required information Use the following information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below) Following are

prac 3
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Chechny Required information Use the following information for Exercises 4-5 below. (Algo) [The following information applies to the questions displayed below) Following are the issuances of stock transactions. 1. A corporation issued 6,000 shares of $20 par value common stock for $144.000 cash. 2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,500. The stock has a $1 per share stated value. 3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,500. The stock has no stated value. 4. A corporation issued 1,500 shares of $75 par value preferred stock for $154.000 cash Exercise 11-4 (Algo) Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock Required information Journal entry worksheet Record the issue of 6,000 shares of $20 par value common stock for $144,000 cash. Note: Enter debits before credits General Journal Transaction 1 Debit Credit Record entry Clear entry View general journal A C D Record the issue of 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,500. The stock has a $1 per share stated value. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general Journal Journal entry worksheet A B D > Record the issue of 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,500. The stock has no stated value. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal Journal entry worksheet

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 Essentials For Hospitality Managers

Authors: Chris Guilding

3rd Edition

0415841097, 978-0415841092

More Books

Students also viewed these Accounting questions

Question

List six habits that can help you become a more positive thinker.

Answered: 1 week ago