Exercise 15-1During its first year of operations, Indigo Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 84,900 shares for cash at $6 per share.Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $37,600 for services rendered in helping the company to incorporate.July 1 Issued 33,100 shares for cash at $8 per share.Sept. 1 Issued 63,200 shares for cash at $10 per share. (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.(b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) DateAccount Titles and ExplanationDebitCredit(a) (b)
Exercise 15-1
During its first year of operations, Indigo Corporation had the following transactions pertaining to its common stock.
Jan. 10 Issued 84,900 shares for cash at $6 per share.
Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $37,600 for services rendered in helping the company to incorporate.
July 1 Issued 33,100 shares for cash at $8 per share.
Sept. 1 Issued 63,200 shares for cash at $10 per share.
(a) Prepare the
(b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 per share.
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
(a)
(b)
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