Answered: E11.3 (LO 2), AP During its first year… | bartleby

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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**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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