Stock Issuance (Par, No-Par, and Stated Value) The following independent stock transactions occurred during January 20-- for various corporations: (a) Issued 6,000 shares of $10 par common stock for $60,000 cash. (b) Issued 4,000 shares of $10 par common stock for $52,000 cash. (c) Issued 5,000 shares of no-par common stock for $55,000 cash. (d) Issued 4,000 shares of no-par common stock for $42,000 cash. (e) Issued 6,000 shares of no-par common stock with a stated value of $8 per share for $48,000 cash. (f) Issued 3,000 shares of no-par common stock with a stated value of $8 per share for $25,000 cash. Prepare general journal entries for these transactions, identifying each by letter. Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 a. Cash 1 2 Common Stock 2 3 3 4 b. Cash 4 5 Common Stock 5 6 Paid-In Capital in Excess of Par-Common Stock 6 7 7 8 c. Cash 8 9 Common Stock 9 10 10 11 d. Cash 11 12 Common Stock 12 13 13 14 e. Cash 14 15 Common Stock 15 16 16 17 f. Cash 17 18 Common Stock 18 19 Paid-In Capital in Excess of Par-Common Stock 19
Stock Issuance (Par, No-Par, and Stated Value) The following independent stock transactions occurred during January 20-- for various corporations: (a) Issued 6,000 shares of $10 par common stock for $60,000 cash. (b) Issued 4,000 shares of $10 par common stock for $52,000 cash. (c) Issued 5,000 shares of no-par common stock for $55,000 cash. (d) Issued 4,000 shares of no-par common stock for $42,000 cash. (e) Issued 6,000 shares of no-par common stock with a stated value of $8 per share for $48,000 cash. (f) Issued 3,000 shares of no-par common stock with a stated value of $8 per share for $25,000 cash. Prepare general journal entries for these transactions, identifying each by letter. Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 a. Cash 1 2 Common Stock 2 3 3 4 b. Cash 4 5 Common Stock 5 6 Paid-In Capital in Excess of Par-Common Stock 6 7 7 8 c. Cash 8 9 Common Stock 9 10 10 11 d. Cash 11 12 Common Stock 12 13 13 14 e. Cash 14 15 Common Stock 15 16 16 17 f. Cash 17 18 Common Stock 18 19 Paid-In Capital in Excess of Par-Common Stock 19
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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Stock Issuance (Par, No-Par, and Stated Value)
The following independent stock transactions occurred during January 20-- for various corporations:
(a) | Issued 6,000 shares of $10 par common stock for $60,000 cash. |
(b) | Issued 4,000 shares of $10 par common stock for $52,000 cash. |
(c) | Issued 5,000 shares of no-par common stock for $55,000 cash. |
(d) | Issued 4,000 shares of no-par common stock for $42,000 cash. |
(e) | Issued 6,000 shares of no-par common stock with a stated value of $8 per share for $48,000 cash. |
(f) | Issued 3,000 shares of no-par common stock with a stated value of $8 per share for $25,000 cash. |
Prepare general
Page: 1
DATE | ACCOUNT TITLE | DOC. NO. |
POST. REF. |
DEBIT | CREDIT | ||
---|---|---|---|---|---|---|---|
1 | a. | Cash | 1 | ||||
2 | Common Stock | 2 | |||||
3 | 3 | ||||||
4 | b. | Cash | 4 | ||||
5 | Common Stock | 5 | |||||
6 | Paid-In Capital in Excess of Par-Common Stock | 6 | |||||
7 | 7 | ||||||
8 | c. | Cash | 8 | ||||
9 | Common Stock | 9 | |||||
10 | 10 | ||||||
11 | d. | Cash | 11 | ||||
12 | Common Stock | 12 | |||||
13 | 13 | ||||||
14 | e. | Cash | 14 | ||||
15 | Common Stock | 15 | |||||
16 | 16 | ||||||
17 | f. | Cash | 17 | ||||
18 | Common Stock | 18 | |||||
19 | Paid-In Capital in Excess of Par-Common Stock | 19 |
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