E15-1 (LO1) Recording the Issuances of Common Stock During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Date No. of Shares Issued Issued for Amount Jan. 10 80,000 Cash $ 6.00 per share Mar. 1 5,000 To attorneys in payment of a bill for services rendered in helping the company to incorporate 35,000 in total Jul. 1 30,000 Cash 8.00 per share Sept. 1 60,000 Cash 10.00 per share Instructions: (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.
E15-1 (LO1) Recording the Issuances of Common Stock During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Date No. of Shares Issued Issued for Amount Jan. 10 80,000 Cash $ 6.00 per share Mar. 1 5,000 To attorneys in payment of a bill for services rendered in helping the company to incorporate 35,000 in total Jul. 1 30,000 Cash 8.00 per share Sept. 1 60,000 Cash 10.00 per share Instructions: (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 57E: Outstanding Stock Lars Corporation shows the following information in the stockholders equity...
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E15-1 (LO1) Recording the Issuances of Common Stock | ||||||
During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. | ||||||
Date | No. of Shares Issued | Issued for | Amount | |||
Jan. 10 | 80,000 | Cash | $ 6.00 | per share | ||
Mar. 1 | 5,000 | To attorneys in payment of a bill for services rendered in helping the company to incorporate | 35,000 | in total | ||
Jul. 1 | 30,000 | Cash | 8.00 | per share | ||
Sept. 1 | 60,000 | Cash | 10.00 | per share | ||
Instructions: | ||||||
(a) | Prepare the |
|||||
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