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Exercise 11-3 Recording stock issuances LO P1 Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. View transaction list Journal entry worksheet 2 3 4 Record the issue of 4,000 shares of $5 par value common stock for $35,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit

Exercise 11-3 Recording stock issuances LO P1 Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. View transaction list Journal entry worksheet 2 3 4 Record the issue of 4,000 shares of $5 par value common stock for $35,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 12.2BE
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Prepare journal entries to record the following four separate issuances of stock.

Exercise 11-3 Recording stock issuances LO P1 Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. View transaction list Journal entry worksheet 2 3 4 Record the issue of 4,000 shares of $5 par value common stock for $35,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit
Transcribed Image Text:Exercise 11-3 Recording stock issuances LO P1 Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value. 3. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value. 4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash. View transaction list Journal entry worksheet 2 3 4 Record the issue of 4,000 shares of $5 par value common stock for $35,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit
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