Question

Stock Issuance (Par, No-Par, and Stated Value) The following independent stock transactions occurred during January 20--...

Stock Issuance (Par, No-Par, and Stated Value)

The following independent stock transactions occurred during January 20-- for Various Corporations:

(a) Issued 6,300 shares of $10 par common stock for $63,000 cash.
(b) Issued 3,700 shares of $10 par common stock for $50,600 cash.
(c) Issued 5,300 shares of no-par common stock for $58,500 cash.
(d) Issued 3,700 shares of no-par common stock for $38,900 cash.
(e) Issued 6,300 shares of no-par common stock with a stated value of $8 per share for $50,400 cash.
(f) Issued 2,700 shares of no-par common stock with a stated value of $8 per share for $22,500 cash.

Prepare general journal entries for these stock transactions, identifying each transaction by letter.

If an amount box does not require an entry, leave it blank.

Page: 1
DATE ACCOUNT TITLE DOC.
NO.
POST.
REF.
DEBIT CREDIT
1 a. 1
2 2
3 3
4 b. 4
5 5
6 6
7 7
8 c. 8
9 9
10 10
11 d. 11
12 12
13 13
14 e. 14
15 15
16 16
17 f. 17
18 18
19 19

Homework Answers

Answer #1

Journal entry

No Account and explanation Post ref Debit Credit
a) Cash 63000
Common Stock 63000
(To record common stock)
b) Cash 50600
Common Stock 37000
Paid in capital in excess of par value-Common Stock 13600
(To record common stock)
c Cash 58500
Common Stock 58500
(To record common stock)
d Cash 38900
Common Stock 38900
(To record common stock)
e Cash 50400
Common Stock 50400
(To record common stock)
f Cash 22500
Common Stock 21600
Paid in capital in excess of stated value-Common Stock 900
(To record common stock)
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