No Prepare journal entries to record each of the following four separate issuances of stock. A B с Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash. 2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,000. The stock has a $1 per share stated value. D 3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,000. The stock has no stated value. 4. A corporation issued 1,500 shares of $75 par value preferred stock for $147,500 cash. Transaction 1 2 3 4 Cash X Answer is not complete. General Journal Common stock, $10 par value Paid-in capital in excess of par value, Common stock Organization expenses Common stock, $1 stated value Paid-in capital in excess of stated value, common stock Organization expenses Common stock, no-par value Cash Common stock, no-par value Paid-in capital in excess of par value, preferred stock 333 ✓ ✔ ✔ 33 3*3 Debit 72,000✔ X 23,500X 23,500 X ✓ 147,500✔ Credit 60,000✔ 12,000✔ 3,000✔ 20,500 X 23,500 X
No Prepare journal entries to record each of the following four separate issuances of stock. A B с Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash. 2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,000. The stock has a $1 per share stated value. D 3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,000. The stock has no stated value. 4. A corporation issued 1,500 shares of $75 par value preferred stock for $147,500 cash. Transaction 1 2 3 4 Cash X Answer is not complete. General Journal Common stock, $10 par value Paid-in capital in excess of par value, Common stock Organization expenses Common stock, $1 stated value Paid-in capital in excess of stated value, common stock Organization expenses Common stock, no-par value Cash Common stock, no-par value Paid-in capital in excess of par value, preferred stock 333 ✓ ✔ ✔ 33 3*3 Debit 72,000✔ X 23,500X 23,500 X ✓ 147,500✔ Credit 60,000✔ 12,000✔ 3,000✔ 20,500 X 23,500 X
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter15: Shareholders’ Equity: Capital Contributions And Distributions
Section: Chapter Questions
Problem 24P
Related questions
Question
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Every entry should have narration please
![!
No
Prepare journal entries to record each of the following four separate issuances of stock.
A
B
C
Required information
[The following information applies to the questions displayed below.]
Following are the issuances of stock transactions.
1. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash.
2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $35,000. The stock has a $1 per share stated value.
D
3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $35,000. The stock has no stated value.
4. A corporation issued 1,500 shares of $75 par value preferred stock for $147,500 cash.
Transaction
1
2
3
4
Cash
X Answer is not complete.
General Journal
Common stock, $10 par value
Paid-in capital in excess of par value, Common stock
Organization expenses
Common stock, $1 stated value
Paid-in capital in excess of stated value, common stock
Organization expenses
Common stock, no-par value
Cash
Common stock, no-par value
Paid-in capital in excess of par value, preferred stock
✓
✓
✓
✔
*** **
Debit
72,000✔
23,500 X
23,500 X
147,500✔
Credit
60,000✔
12,000✔
3,000✔
20,500 X
23,500 X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff034f9c5-e875-478c-86ea-280ebf198c5b%2F3a0db89d-9370-4e18-8346-0acfeae168fe%2Fcxvf4q_processed.png&w=3840&q=75)
Transcribed Image Text:!
No
Prepare journal entries to record each of the following four separate issuances of stock.
A
B
C
Required information
[The following information applies to the questions displayed below.]
Following are the issuances of stock transactions.
1. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash.
2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $35,000. The stock has a $1 per share stated value.
D
3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $35,000. The stock has no stated value.
4. A corporation issued 1,500 shares of $75 par value preferred stock for $147,500 cash.
Transaction
1
2
3
4
Cash
X Answer is not complete.
General Journal
Common stock, $10 par value
Paid-in capital in excess of par value, Common stock
Organization expenses
Common stock, $1 stated value
Paid-in capital in excess of stated value, common stock
Organization expenses
Common stock, no-par value
Cash
Common stock, no-par value
Paid-in capital in excess of par value, preferred stock
✓
✓
✓
✔
*** **
Debit
72,000✔
23,500 X
23,500 X
147,500✔
Credit
60,000✔
12,000✔
3,000✔
20,500 X
23,500 X
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College