A B 11.3 (LO 2), AP During its first year of operations, Mona Corporation had these transactions pertaining to its common stock. Issued 30,000 shares for cash at $5 per share. Jan. 10 July 1 Issued 60,000 shares for cash at $7 per share. nstructions . Journalize the transactions, assuming that the common stock has a par value of $5 per share. D. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.

A B 11.3 (LO 2), AP During its first year of operations, Mona Corporation had these transactions pertaining to its common stock. Issued 30,000 shares for cash at $5 per share. Jan. 10 July 1 Issued 60,000 shares for cash at $7 per share. nstructions . Journalize the transactions, assuming that the common stock has a par value of $5 per share. D. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 10MC: A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the...

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Prepare general journal entries for the following transactions of GOTE Company: (a) Received subscriptions for 10,000 shares of 2 par common stock for 80,000. (b) Received payment of 30,000 on the stock subscription in transaction (a). (c) Received the balance in full for the stock subscription in transaction (a) and issued the stock. (d) Purchased 1,000 shares of its own 2 par common stock for 7.50 a share. (e) Sold 500 shares of the stock on transaction (d) for 8.50 a share.
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The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the current fiscal year: During the year, the corporation completed a number of transactions affecting the stockholders equity. They are summarized as follows: a. Issued 500,000 shares of common stock at 8, receiving cash. b. Issued 10,000 shares of preferred 1% stock at 60. c. Purchased 50,000 shares of treasury common for 7 per share. d. Sold 20,000 shares of treasury common for 9 per share. e. Sold 5,000 shares of treasury common for 6 per share. f. Declared cash dividends of 0.50 per share on preferred stock and 0.08 per share on common stock. g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter.
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A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following? A. debit of $4,000 to common stock B. credit of $20,000 to common stock C. credit of $40 to common stock D. debit of $20,000 to common stock