Question

QS 11-4 Issuance of no-par common stock LO P1

Prepare the journal entry to record Autumn Company’s issuance of 60,000 shares of no-par value common stock assuming the shares:

1. Sell for $23 cash per share.
2. Are exchanged for land valued at $1,380,000.

QS 11-4 Issuance of no-par common stock LO P1

Prepare the journal entry to record Autumn Company’s issuance of 60,000 shares of no-par value common stock assuming the shares:

1. Sell for $23 cash per share.
2. Are exchanged for land valued at $1,380,000.

QS 11-4 Issuance of no-par common stock LO P1

Prepare the journal entry to record Autumn Company’s issuance of 60,000 shares of no-par value common stock assuming the shares:

1. Sell for $23 cash per share.
2. Are exchanged for land valued at $1,380,000.

• Record the issuance of 60,000 shares of no-par value common stock assuming the shares sell for $23 cash per share.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
a.

• Record the issuance of 60,000 shares of no-par value common stock assuming the shares are exchanged for land valued at $1,380,000.

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
b.

Answer 1

Answer :-

a. Record the issuance of 60,000 shares of no-par value common stock assuming the shares sell for $23 cash per share :-

Cash a/c Dr $1,380,000

To Common Stock, no-par value A/c $1,380,000

b. Record the issuance of 60,000 shares of no-par value common stock assuming the shares are exchanged for land valued at $1,380,000 :-

Land a/c Dr $1,380,000

To Common Stock, no-par value A/c $1,380,000

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