E11-3 During its first year of operations, Foyle 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 (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.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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E11-3 During its first year of operations, Foyle 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

(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.

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