July 1. Issued 243,000 shares of common stock at par for cash. 1. Issued 600 shares of common stock at par to an attomey in payment of legal fees for organizing the corporation. Aug. 7. Issued 68,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $147,400, $518,700 and $163,500 respectively. Sept. 20. Issued 16,000 shares of preferred stock at $112 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

July 1. Issued 243,000 shares of common stock at par for cash. 1. Issued 600 shares of common stock at par to an attomey in payment of legal fees for organizing the corporation. Aug. 7. Issued 68,000 shares of common stock in exchange for land, buildings, and equipment with fair market prices of $147,400, $518,700 and $163,500 respectively. Sept. 20. Issued 16,000 shares of preferred stock at $112 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter18: Acquiring Capital For Growth And Development

Section18.3: Capital Stock

Problem 1WT

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