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Following are the issuances of stock transactions. 1. A corporation issued 6,000 shares of $5 par value common stock for $36,000 cash. 2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has a $2 per share stated value. 3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has no stated value. 4. A corporation issued 1,500 shares of $25 par value preferred stock for $89,500 cash. Prepare journal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet A B CD < Record the issue of 6,000 shares of $5 par value common stock for $36,000 cash, Note: Enter debits before credits Transaction 1 General Journal Debit Credit TIPE

Following are the issuances of stock transactions. 1. A corporation issued 6,000 shares of $5 par value common stock for $36,000 cash. 2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has a $2 per share stated value. 3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has no stated value. 4. A corporation issued 1,500 shares of $25 par value preferred stock for $89,500 cash. Prepare journal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet A B CD < Record the issue of 6,000 shares of $5 par value common stock for $36,000 cash, Note: Enter debits before credits Transaction 1 General Journal Debit Credit TIPE

FINANCIAL ACCOUNTING
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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Following are the issuances of stock transactions. 1. A corporation issued 6,000 shares of $5 par value common stock for $36,000 cash. 2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has a $2 per share stated value. 3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has no stated value. 4. A corporation issued 1,500 shares of $25 par value preferred stock for $89,500 cash. Prepare journal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet A B С Transaction Record the issue of 6,000 shares of $5 par value common stock for $36,000 cash, Note: Enter debits before credits D General Journal Debit Credit
Transcribed Image Text:Following are the issuances of stock transactions. 1. A corporation issued 6,000 shares of $5 par value common stock for $36,000 cash. 2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has a $2 per share stated value. 3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has no stated value. 4. A corporation issued 1,500 shares of $25 par value preferred stock for $89,500 cash. Prepare journal entries to record each of the following four separate issuances of stock. View transaction list Journal entry worksheet A B С Transaction Record the issue of 6,000 shares of $5 par value common stock for $36,000 cash, Note: Enter debits before credits D General Journal Debit Credit
SK it nces View transaction list Journal entry worksheet < A Transaction 2 Record the issue of 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has a $2 per share stated value. Note: Enter debits before credits. B Transaction 3 Journal entry worksheet < A C B Note: Enter debits before credits. Record entry Transaction 4 C Journal entry worksheet A B C Note: Enter debits before credits. Record entr D Record the issue of 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has no stated value. General Journal D Record the issue of 1,500 shares of $25 par value preferred stock for $89,500 cash, General Journal Clear entry General Journal Debit Clear entry Debit Credit Debit Credit Credit View general Journal
Transcribed Image Text:SK it nces View transaction list Journal entry worksheet < A Transaction 2 Record the issue of 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has a $2 per share stated value. Note: Enter debits before credits. B Transaction 3 Journal entry worksheet < A C B Note: Enter debits before credits. Record entry Transaction 4 C Journal entry worksheet A B C Note: Enter debits before credits. Record entr D Record the issue of 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $52,000. The stock has no stated value. General Journal D Record the issue of 1,500 shares of $25 par value preferred stock for $89,500 cash, General Journal Clear entry General Journal Debit Clear entry Debit Credit Debit Credit Credit View general Journal
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