E11.3 (LO 2), AP During its first year of operations, Mona Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share. Issued 60,000 shares for cash at $7 per share. July 1 Instructions 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. Journalize issuance of common stock.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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**E11.3 (LO 2), AP**

During its first year of operations, Mona Corporation had these transactions pertaining to its common stock.

- **Jan. 10**: Issued 30,000 shares for cash at $5 per share.
- **July 1**: Issued 60,000 shares for cash at $7 per share.

**Instructions**

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.

Journalize issuance of common stock.
Transcribed Image Text:**E11.3 (LO 2), AP** During its first year of operations, Mona Corporation had these transactions pertaining to its common stock. - **Jan. 10**: Issued 30,000 shares for cash at $5 per share. - **July 1**: Issued 60,000 shares for cash at $7 per share. **Instructions** 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. Journalize issuance of common stock.
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