QUESTION 5 Not yet answered Cash and Noncash Share Issuances Guild Corporation was organized on june 1. The company's charter authorizes 500,000 shares of $5 par value common stock. On July 1, the attorney who helped organize the corporation accepted 240 shares cf Guild common stock in settlement for the services provided (the services were valued at $3,040, On July 15, Guild issued 2,000 common shares for $26,000 cash. On September 15, Guild issued 800 common shares to acquire a vacant land site appraised at $11.200 Marked out of 24.00 Flag question Prepare the journal entries to record the stock issuances on July 1, July 15, and September 15. General Journal Date Description Debit Credit July 1 Common stock Issued common shares in exchange for legal services July 15 Common stock Issued common shares for cash usinessCourse E Menu July 15 Common stock Issued common shares for cash. Sept. 15 Common stock Cash Common stock Land Organization costs Paid in capital in excess of par value Save AnswersPrevious page Next