During its first year of operations, Blossom Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 Issued 80,500 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $37,700 for services rendered in helping the company to incorporate.
During its first year of operations, Blossom Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 Issued 80,500 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $37,700 for services rendered in helping the company to incorporate.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Intermediate Accounting 105
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Transcribed Image Text:During its first year of operations, Blossom Corporation had the following transactions pertaining to its common stock.
Jan. 10
Mar. 1
July
1
Issued 33,300 shares for cash at $8 per share.
Sept. 1 Issued 62,100 shares for cash at $10 per share.
(a)
Issued 80,500 shares for cash at $6 per share.
Issued 5,000 shares to attorneys in payment of a bill for $37,700 for services rendered in helping the company to
incorporate.
Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (List all debit
entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem
statement.)
Date
Account Titles and Explanation
Debit
Credit
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