Exercise 11-3 Recording stock issuances LO P1 Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,500. The stock has a $1 per share stated value. 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,500. The stock has no stated value. 4. A corporation issued 1,750 shares of $100 par value preferred stock for $220,500 cash. View transaction list Journal entry worksheet 3 4 Record the issue of 7,000 shares of $10 par value common stock for $8. cash. Note: Enter debits before credits. Transaction General Journal Debit Credit
Exercise 11-3 Recording stock issuances LO P1 Prepare journal entries to record the following four separate issuances of stock. 1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,500. The stock has a $1 per share stated value. 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $45,500. The stock has no stated value. 4. A corporation issued 1,750 shares of $100 par value preferred stock for $220,500 cash. View transaction list Journal entry worksheet 3 4 Record the issue of 7,000 shares of $10 par value common stock for $8. cash. Note: Enter debits before credits. Transaction General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Exercise 11-3 Recording stock issuances LO P1
Prepare journal entries to record the following four separate issuances of stock.
1. A corporation issued 7,000 shares of $10 par value common stock for $84,000 cash.
2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $45,500. The stock has a $1 per share stated value.
3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $45,500. The stock has no stated value.
4. A corporation issued 1,750 shares of $100 par value preferred stock for $220,500 cash.
View transaction list
Journal entry worksheet
3
4
Record the issue of 7,000 shares of $10 par value common stock for $8.
cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
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