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.

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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