Cash and Noncash Share Issuances Skelton Corporation was organized on June 1. The company's charter authorizes 500,000 shares of 15 par value common stock. On july 1, the attorney who helped organize the corporation accepted 600 shares of Skelton common stock in settlement for the services provided the services were valued at $8,000). On July 15, Skelton issued 6,000 common shares for $65.000 cash On September 15. Skelton issued 2.000 common shares to acquire a vacant land site appraised at 128.000 Prepare the journal entries to record the stock issuances on July 1, July 15, and September 15 General Journal Description Date july 1 My is Sept. 15 Common stock # issued common shares in exchange for legal services. Common stock issued common shares for cash Common stock issued common shares for land . * . Debit Credit
Cash and Noncash Share Issuances Skelton Corporation was organized on June 1. The company's charter authorizes 500,000 shares of 15 par value common stock. On july 1, the attorney who helped organize the corporation accepted 600 shares of Skelton common stock in settlement for the services provided the services were valued at $8,000). On July 15, Skelton issued 6,000 common shares for $65.000 cash On September 15. Skelton issued 2.000 common shares to acquire a vacant land site appraised at 128.000 Prepare the journal entries to record the stock issuances on July 1, July 15, and September 15 General Journal Description Date july 1 My is Sept. 15 Common stock # issued common shares in exchange for legal services. Common stock issued common shares for cash Common stock issued common shares for land . * . Debit Credit
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Cash and Noncash Share Issuances
Skelton Corporation was organized on June 1. The company's charter authorizes 500,000 shares of $5 par value common stock. On July 1, the attorney who helped organize the corporation accepted
600 shares of Skelton common stock in settlement for the services provided the services were valued at $8.000). On July 15, Skelton issued 6,000 common shares for $65.000 cash On September
15. Skelton issued 2.000 common shares to acquire a vacant land site appraised at $28.000
Prepare the journal entries to record the stock issuances on July 1, July 15, and September 15
General Journal
Description
Debit
Date
My 1s
Sept 15.
Check
Common stock
issued common shares in exchange for legal services.
2
Common stock
issued common shares for cash
Common stock
Essued common shares for land
•
#
#
Credit
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