Exercise 11-3 (Algo) Accounting for par, stated, and no-par stock issuances LO P1 Rodriguez Corporation issues 7,000 shares of its common stock for $91,600 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $6 par value. 2. The stock has neither par nor stated value. 3. The stock has a $3 stated value. No A B с Transaction 1 2 3 Cash Answer is complete but not entirely correct. General Journal Common stock, no-par value Paid-in capital in excess of par value, common stock Cash Common stock, no-par value Cash Common stock, no-par value Paid-in capital in excess of stated value, common stock x 33 < X< Debit 91,600 H UUTIS 91,600 91,600 Credit 56,000x 20,600 76,600X IMPORT 28,000 X 48,600
Exercise 11-3 (Algo) Accounting for par, stated, and no-par stock issuances LO P1 Rodriguez Corporation issues 7,000 shares of its common stock for $91,600 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $6 par value. 2. The stock has neither par nor stated value. 3. The stock has a $3 stated value. No A B с Transaction 1 2 3 Cash Answer is complete but not entirely correct. General Journal Common stock, no-par value Paid-in capital in excess of par value, common stock Cash Common stock, no-par value Cash Common stock, no-par value Paid-in capital in excess of stated value, common stock x 33 < X< Debit 91,600 H UUTIS 91,600 91,600 Credit 56,000x 20,600 76,600X IMPORT 28,000 X 48,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Exercise 11-3 (Algo) Accounting for par, stated, and no-par stock issuances LO P1
Rodriguez Corporation issues 7,000 shares of its common stock for $91,600 cash on February 20. Prepare journal entries to record
this event under each of the following separate situations.
1. The stock has a $6 par value.
2. The stock has neither par nor stated value.
3. The stock has a $3 stated value.
No
A
B
с
Transaction
1
2
3
Cash
Answer is complete but not entirely correct.
General Journal
Common stock, no-par value
Paid-in capital in excess of par value, common stock
Cash
Common stock, no-par value
Cash
Common stock, no-par value
Paid-in capital in excess of stated value, common stock
x
33
< X<
Debit
91,600
H
UUTIS
91,600
91,600
Credit
56,000x
20,600
76,600X
INDHORN
28,000 X
48,600
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