1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown. If an amount box does not require an entry, leave it blank. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. Description Debit Credit Cash 45,000 Common Stock 45,000 Paid-In Capital in Excess of Par-Common Stock 150,000 b. Issued 4,000 shares of $80 par preferred $1 stock at $100, receiving cash. Description Debit Credit Cash 400,000 Preferred Stock 400,000 c. Issued $500,000 of 10-year, 5% bonds at 104, vwith interest payable semiannually. Description Debit Credit Cash 500,000 Bonds Payable. 500,000 Premium on Bonds Payable 20,000
1. Journalize the selected transactions. If no entry is required, select "No entry required" from the dropdown. If an amount box does not require an entry, leave it blank. a. Issued 15,000 shares of $20 par common stock at $30, receiving cash. Description Debit Credit Cash 45,000 Common Stock 45,000 Paid-In Capital in Excess of Par-Common Stock 150,000 b. Issued 4,000 shares of $80 par preferred $1 stock at $100, receiving cash. Description Debit Credit Cash 400,000 Preferred Stock 400,000 c. Issued $500,000 of 10-year, 5% bonds at 104, vwith interest payable semiannually. Description Debit Credit Cash 500,000 Bonds Payable. 500,000 Premium on Bonds Payable 20,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. Journalize the selected transactions.
If no entry is required, select "No entry required" from the dropdown. If an amount box does not require an entry, leave it blank.
a. Issued 15,000 shares of $20 par common stock at $30, receiving cash.
Description
Debit
Credit
Cash
45,000
Common Stock
45,000
Paid-In Capital in Excess of Par-Common Stock
150,000
b. Issued 4,000 shares of $80 par preferred $1 stock at $100, receiving cash.
Description
Debit
Credit
Cash
400,000
Preferred Stock
400,000
c. Issued $500,000 of 10-year, 5% bonds at 104, with interest payable semiannually.
Description
Debit
Credit
Cash
500,000
Bonds Payable
500,000
Premium on Bonds Payable
20,000
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