Example 1 Prepare the journal entries to show the issue of common stock for each company below. A) Kaisen Corporation issued 2,000 shares of $2 par value common stock for $4,000. B) Kaisen Corporation issued 2,000 shares of $2 par value common stock for $5,000. C) Owen Corporation issued 2,000 shares of no par common stock for $5,000. D) Kaia Corporation issued 2,000 shares of no par common stock with a stated value of $1 per share for $5,000. E) Peyton Company issued 20,000 shares of $1 par value common stock for land valued at $84,000. F) Peyton Company issued 2,000 shares of $1 par value common stock for legal services worth $20,000.
Example 1 Prepare the journal entries to show the issue of common stock for each company below. A) Kaisen Corporation issued 2,000 shares of $2 par value common stock for $4,000. B) Kaisen Corporation issued 2,000 shares of $2 par value common stock for $5,000. C) Owen Corporation issued 2,000 shares of no par common stock for $5,000. D) Kaia Corporation issued 2,000 shares of no par common stock with a stated value of $1 per share for $5,000. E) Peyton Company issued 20,000 shares of $1 par value common stock for land valued at $84,000. F) Peyton Company issued 2,000 shares of $1 par value common stock for legal services worth $20,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please proper solution please no plagiarism 6
Transcribed Image Text:bo12 16tiqs
Example 1
Prepare the journal entries to show the issue of common stock for each company below.
A) Kaisen Corporation issued 2,000 shares of $2 par value common stock for $4,000.
B) Kaisen Corporation issued 2,000 shares of $2 par value common stock for $5,000.
C) Owen Corporation issued 2,000 shares of no par common stock for $5,000.
D) Kaia Corporation issued 2,000 shares of no par common stock with a stated value of $1
per share for $5,000.
E) Peyton Company issued 20,000 shares of $1 par value common stock for land valued at
$84,000.
F) Peyton Company issued 2,000 shares of $1 par value common stock for legal services
worth $20,000.
160
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education