During its first year of operations, Harlan Corporation had the following transactions pertaining to its common stock.
During its first year of operations, Harlan Corporation had the following transactions pertaining to its common stock.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 3CE: Prepare general journal entries for the following transactions of GOTE Company: (a) Received...
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Question
During its first year of operations, Harlan Corporation had the following transactions pertaining to its common stock.
– Jan. 10 Issued 70,000 shares for cash at $5 per share.
– July 1 Issued 40,000 shares for cash at $7 per share.
Instructions:
– Journalize the transactions, assuming that the common stock has a par value of $5 per share.
– Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.
Note: Relevant account will Paid in Capital in Excess of Stated Value
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