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Exercise 11-3 Accounting for par, stated, and no-par stock issuances LO P1 Rodriguez Corporation issues 11,000...

Exercise 11-3 Accounting for par, stated, and no-par stock issuances LO P1

Rodriguez Corporation issues 11,000 shares of its common stock for $125,200 cash on February 20. Prepare journal entries to record this event under each of the following separate situations.
  

  1. The stock has a $10 par value.
  2. The stock has neither par nor stated value.
  3. The stock has a $5 stated value.
  • Record the issue of 11,000 shares of $10 par value common stock for $125,200 cash.

Note: Enter debits before credits.
Transaction General Journal Debit Credit
1
  • Record the issue of 11,000 shares of no-par, no-stated value common stock for $125,200 cash.

Note: Enter debits before credits.
Transaction General Journal Debit Credit
2
  • Record the issue of 11,000 shares of $5 stated value common stock for $125,200 cash.

Note: Enter debits before credits.
Transaction General Journal Debit Credit
3
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