Entries for Issuing StockOn January 22, Shamrock Corporation issued for cash 30,000 shares of no-par common stock at $30. On February 14, Shamrock issued at par value 9,000shares of preferred 6% stock, $75 par for cash. On August 30, Shamrock Corporation issued for cash 30,000 shares of preferred 6% stock, $75 par at $79.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. 22Feb. 14Aug. 30

Answered: Entries for Issuing Stock On January…

Entries for Issuing Stock On January 22, Shamrock Corpora shares of preferred 6% stock, $75 Journalize the entries to record th Jan. 22 Feb. 14 Aug. 30

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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Question

Entries for Issuing Stock
On January 22, Shamrock Corporation issued for cash 30,000 shares of no-par common stock at $30. On February 14, Shamrock issued at par value 9,000
shares of preferred 6% stock, $75 par for cash. On August 30, Shamrock Corporation issued for cash 30,000 shares of preferred 6% stock, $75 par at $79.
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
Feb. 14
Aug. 30

Expert Solution

Step 1

General understanding -

When shares are issued to the public we get to cash in return so the cash account will be debited and capital or stock will get credited.

When shares are issued at a price that is more than par value then the excess amount received is to be credited Additional paid-in capital in excess of par.

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