(Recording the Issuances of Common Stock) During its first year of operations, Records Corporation had the following transactions pertaining to its common stock.

Jan. 10

Issued

80,000

shares for cash at

$6.00

per share.

Mar. 1

Issued

5,000

shares to attorneys in payment of a bill for

$35,000

for services rendered in helping the company to incorporate.

July. 1

Issued

30,000

shares for cash at

$8.00

per share.

Sept. 1

Issued

60,000

shares for cash at

$10.00

per share.

Instructions:

(a) Prepare the journal entries for these transactions, assuming that the common stock has a par

value of

$5.00

per share.

Jan. 10

Account Title

Amount

Account Title

Amount

Account Title

Amount

Mar. 1

Account Title

Amount

Account Title

Amount

Account Title

Amount

July. 1

Account Title

Amount

Account Title

Amount

Account Title

Amount

Sept. 1

Account Title

Amount

Account Title

Amount

Account Title

Amount

(b) Prepare the journal entries for these transactions, assuming that the common stock is no par

with a stated value of

$3.00

per share.

Jan. 10

Account Title

Amount

Account Title

Amount

Account Title

Amount

Mar. 1

Account Title

Amount

Account Title

Amount

Account Title

Amount

July. 1

Account Title

Amount

Account Title

Amount

Account Title

Amount

Sept. 1

Account Title

Amount

Account Title

Amount

Account Title

Amount