Entries fOF ISsuIny StOck On January 22, Ireland Corporation issued for cash 30,000 shares of no-par common stock at $35. On February 14, Ireland issued at par value 9,000 shares of preferred 5% stock, $100 par for cash. On August 30, Ireland issued for cash 28,000 shares of preferred 5% stock, $100 par at $110. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Cash 9,000 X Common Stock Feb. 14 Cash Preferred Stock Aug. 30 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock
Entries fOF ISsuIny StOck On January 22, Ireland Corporation issued for cash 30,000 shares of no-par common stock at $35. On February 14, Ireland issued at par value 9,000 shares of preferred 5% stock, $100 par for cash. On August 30, Ireland issued for cash 28,000 shares of preferred 5% stock, $100 par at $110. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Cash 9,000 X Common Stock Feb. 14 Cash Preferred Stock Aug. 30 Cash Preferred Stock Paid-In Capital in Excess of Par-Preferred Stock
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Entries for Issuing Stock
On January 22, Ireland Corporation issued for cash 30,000 shares of no-par common stock at $35. On February 14, Ireland issued at par value 9,000 shares of preferred
5% stock, $100 par for cash. On August 30, Ireland issued for cash 28,000 shares of preferred 5% stock, $100 par at $110.
Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank.
Jan. 22 Cash
9,000 X
Common Stock
Feb. 14 Cash
Preferred Stock
Aug. 30 Cash
Preferred Stock
Paid-In Capital in Excess of Par-Preferred Stock
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Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and
what affect that has on recording the sale of stock.
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