James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions:Mar. 31Issued 34,000 shares at $11 share.Jul. 9Issued 120,000 shares in exchange for a building with a clearly determined value of $660,000.Aug. 30Purchased 6,000 shares of treasury stock at $9 per share.Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.Mar. 31 Jul. 9 Aug. 30 James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions:Mar. 31Issued 34,000 shares at $11 share.Jul. 9Issued 120,000 shares in exchange for a building with a clearly determined value of $660,000.Aug. 30Purchased 6,000 shares of treasury stock at $9 per share.Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.Mar. 31Jul. 9Aug. 30

When common stock is issued at price higher the par value , then we need to debit cash as cash is…

Answered: James Incorporated is authorized to…

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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James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions:

Mar. 31	Issued 34,000 shares at $11 share.
Jul. 9	Issued 120,000 shares in exchange for a building with a clearly determined value of $660,000.
Aug. 30	Purchased 6,000 shares of treasury stock at $9 per share.

Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

Mar. 31


Jul. 9


Aug. 30

James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions:
Mar. 31
Issued 34,000 shares at $11 share.
Jul. 9
Issued 120,000 shares in exchange for a building with a clearly determined value of $660,000.
Aug. 30
Purchased 6,000 shares of treasury stock at $9 per share.
Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.
Mar. 31
Jul. 9
Aug. 30

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