Question
What would the journalized response be? Skylar Systems completed the following stock issuance transactions: May 19 Issued 1,700 shares of $2 par value common stock
What would the journalized response be?
Skylar Systems completed the following stock issuance transactions:
May 19 | Issued 1,700 shares of $2 par value common stock for cash of $9.50 per share. |
Jun. 3 | Issued 200 shares of $9, no-par preferred stock for $10,000 cash. |
11 | Received equipment with a market value of $76,000 in exchange for 3,000 shares of the $2 par value common stock. |
Requirements
Journalize the transactions. Explanations are not required.
How much paid-in capital did these transactions generate for Skylar Systems?
Date Accounts and Explanation Debit Credit 19-May Cash (per share x amount of shares) xx Common Stock (par value x amount of shares) xx Paid-in capital in Excess of Par xx 3-Jun Cash xx Preferred Stock xx 11-Jun Equipment xx Common Stock (par value x amount of shares) xx Paid-in Capital in Excess of Par xx Requirement 2 Cash for common Stock xx Cash for preferred Stock xx Equip for Common Stock xx Total paid-in Capital $102,150
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