Prepare journal entries to record each of the following four separate issuances of stock.

1. A corporation issued 8,000 shares of $20 par value common stock for $192,000 cash.
2. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $58,500. The stock has a $1 per share stated value.
3. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $58,500. The stock has no stated value.
4. A corporation issued 2,000 shares of $50 par value preferred stock for $158,500 cash.

2) Record the issue of 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $58,500. The stock has a $1 per share stated value.

3) Record the issue of 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $58,500. The stock has no stated value.

4) Record the issue of 2,000 shares of $50 par value preferred stock for $158,500 cash.

Options For the Journal

• Building
• Cash
• Common dividend payable
• Common stock dividend distributable
• Common stock, $1 par value
• Common stock, $1 stated value
• Common stock, $20 par value
• Common stock, no-par value
• Contributed capital, treasury stock
• Income summary
• Inventory
• Land
• Machinery
• Note payable
• Organization expenses
• Paid-in capital in excess of par value, Common stock
• Paid-in capital in excess of par value, preferred stock
• Paid-in capital in excess of stated value, common stock
• Preferred stock, $0.50 par value
• Preferred stock, $1 stated value
• Preferred stock, $1 stated value
• Preferred stock, $20 par value
• Preferred stock, $5 par value
• Preferred stock, $50 par value
• Preferred stock, no-par value

Journal entry worksheet