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During its first year of operations, Whispering Winds Corp. had these transactions pertaining to its common stock. Jan. 10 July 1 Issued 26,600 shares for cash at $5 per share. Issued 58,000 shares for cash at $7 per share.

During its first year of operations, Whispering Winds Corp. had these transactions pertaining to its common stock. Jan. 10 July 1 Issued 26,600 shares for cash at $5 per share. Issued 58,000 shares for cash at $7 per share.

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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Karan

Sub: accounting 

During its first year of operations, Whispering Winds Corp. had these transactions pertaining to its common stock. Jan. 10 July 1 Issued 26,600 shares for cash at $5 per share. Issued 58,000 shares for cash at $7 per share.
Transcribed Image Text:During its first year of operations, Whispering Winds Corp. had these transactions pertaining to its common stock. Jan. 10 July 1 Issued 26,600 shares for cash at $5 per share. Issued 58,000 shares for cash at $7 per share.
(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Transcribed Image Text:(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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