Question

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

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

  1. A corporation issued 6,000 shares of $20 par value common stock for $144,000 cash.
  2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $58,000. The stock has a $2 per share stated value.
  3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $58,000. The stock has no stated value.
  4. A corporation issued 1,500 shares of $50 par value preferred stock for $133,000 cash.

  

Homework Answers

Answer #2

Journal entries

No General Journal Debit Credit
a Cash 144000
Common Stock (6000*20) 120000
Paid in capital in excess of par value-Common Stock 24000
b Organization expense 58000
Common Stock (3000*2) 6000
Paid in capital in excess of par value-Stated Stock 52000
c Organization expense 58000
Common Stock 58000
d Cash 133000
Preferred stock (1500*50) 75000
Paid in capital in excess of par value-Preferred Stock 58000
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