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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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