Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 3,000 shares of $30 par value common

image text in transcribedimage text in transcribed

Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 3,000 shares of $30 par value common stock for $108,000 cash. 2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,500. The stock has a $3 per share stated value. 3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,500. The stock has no stated value. 4. A corporation issued 750 shares of $25 par value preferred stock for $64,250 cash. View transaction list Record the issue of 3,000 shares of $30 par value common stock for $108,000 cash. 54,250 B Record the issue of 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,500. The stock has a $3 per share stated value. Credit C Record the issue of 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,500. The stock has no stated value. D Record the issue of 750 shares of $25 par value preferred stock for $64,250 cash. Note : = journal entry has been entered Record entry Clear entry View general journal Sudoku Company issues 29,000 shares of $6 par value common stock in exchange for land and a building. The land is valued at $243,000 and the building at $373,000. Prepare the journal entry to record issuance of the stock in exchange for the land and building. View transaction list Journal entry worksheet A > Record the issue of 29,000 shares of $6 par value common stock in exchange for land valued at $243,000 and a building valued at $373,000. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal

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

Statistical Techniques For Analytical Review In Auditing

Authors: Kenneth W. Stringer, Trevor R. Stewart

1st Edition

047186076X, 978-0471860761

More Books

Students also viewed these Accounting questions