Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 pershare. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select"No Entry" for the account titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCreditan. 10Cash508800Common StockPaid-in Capital in Excess of Stated Value - Common Stocklar. 1Organization Expense37000Common StockPaid-in Capital in Excess of Stated Value - Common Stockuly 1Cash261600Common StockPaid-in Capital in Excess of Stated Value - Common Stockept. 1Cash617000Common StockPaid-in Capital in Excess of Stated Value - Common Stock During its first year of operations, Buffalo Corporation had the following transactions pertaining to its common stock.Jan.Issued 84,800 shares for cash at $6 per share.10Issued 5,000 shares to attorneys in payment of a bill for $37,000 for services rendered in helping the company toincorporate.Mar.1JulyIssued 32,700 shares for cash at $8 per share.1Sept.Issued 61,700 shares for cash at $10 per share.1

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Description: Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 pershare. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is require

Whenever business issues common stock, then par value of the stock is credited to capital account…

Business

Accounting

During its first year of operations, Buffalo Corporation had the following transactions pertaining to its common stock. Jan. Issued 84,800 shares for cash at $6 per share. 10 Issued 5,000 shares to attorneys in payment of a bill for $37,000 for services rendered in helping the company to incorporate. Mar. 1 July Issued 32,700 shares for cash at $8 per share. Sept. Issued 61,700 shares for cash at $10 per share.

During its first year of operations, Buffalo Corporation had the following transactions pertaining to its common stock. Jan. Issued 84,800 shares for cash at $6 per share. 10 Issued 5,000 shares to attorneys in payment of a bill for $37,000 for services rendered in helping the company to incorporate. Mar. 1 July Issued 32,700 shares for cash at $8 per share. Sept. Issued 61,700 shares for cash at $10 per share.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 19EA: Jupiter Corporation earned net income of $90,000 this year. The company began the year with 600...

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