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.

A corporation issued $7,000$ shares of $$20$ par value common stock for $$168,000$ cash.

A corporation issued $3,500$ shares of no$-$par common stock to its promoters in exchange for their efforts, estimate to be worth $$26,500.$ The stock has a $$1$ per share stated value.

A corporation issued $3,500$ shares of no$-$par common stock to its promoters in exchange for their efforts, estimate to be worth $$26,500.$ The stock has no stated value.

A corporation issued $1,750$ shares of $$25$ par value preferred stock for $$70,250$ cash.

Exercise $11-4($Algo$)$ Recording stock issuances LO P$1$

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

Journal entry worksheet

A

B

C

D

Record the issue of $7,000$ shares of $$20$ par value common stock for $$168,000$