Mars Enterprises Inc. manufactures office furniture. The company was incorporated on January 1, 2020 with an authorized share of 500,000 common stock with a $90 par value per share and 300,000 shares of no-par value 8% preferred stock with a stated value of $50 per share. The following stock transactions were completed during the first year. Required: Journalize the following transactions related to stock issuance. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - January 20 Issued 12000 shares of common stock for cash at $120 per share. Account to be debited is ________ Amount is $ ________ Account to be credited is (higher of the two amount)________ Amount is $ ________ Account to be credited is (lower of the two amount)________ Amount is $ ________ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - March 20 Issued 1400 shares of common stock to the consultants for helping the company appraise an up-coming project. The on-going market price of the common stock at that time was $100 per share. Account to be debited is Amount is $ ________ Account to be credited is (higher of the two amount) ________ Amount is $ ________ Account to be credited is (lower of the two amount) ________ unanswered Amount is $ ________ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - May 20 Issued 1200 shares of common stock to buy equipment, the asking price of the equipment was $150,000. However at the time of the transaction, each common stock was trading at $110 in the market. Account to be debited is ________ Amount is $ ________ Account to be credited is (higher of the two amount) ________ Amount is $ ________ Account to be credited is (lower of the two amount) ________ Amount is $ ________ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - August 20 Issued 14000 shares of preferred stock for cash at $60 per share. Account to be debited is ________ Amount is $ ________ Account to be credited is (higher of the two amount) ________ Amount is $ ________ Account to be credited is (lower of the two amount) ________ Amount is $ ________
Mars Enterprises Inc. manufactures office furniture. The company was incorporated on January 1, 2020 with an authorized share of 500,000 common stock with a $90 par value per share and 300,000 shares of no-par value 8%
Required: Journalize the following transactions related to stock issuance.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
January 20
Issued 12000 shares of common stock for cash at $120 per share.
Account to be debited is ________
Amount is $ ________
Account to be credited is (higher of the two amount)________
Amount is $ ________
Account to be credited is (lower of the two amount)________
Amount is $ ________
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
March 20
Issued 1400 shares of common stock to the consultants for helping the company appraise an up-coming project. The on-going market price of the common stock at that time was $100 per share.
Account to be debited is
Amount is $ ________
Account to be credited is (higher of the two amount) ________
Amount is $ ________
Account to be credited is (lower of the two amount) ________
unanswered
Amount is $ ________
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
May 20
Issued 1200 shares of common stock to buy equipment, the asking price of the equipment was $150,000. However at the time of the transaction, each common stock was trading at $110 in the market.
Account to be debited is ________
Amount is $ ________
Account to be credited is (higher of the two amount) ________
Amount is $ ________
Account to be credited is (lower of the two amount) ________
Amount is $ ________
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
August 20
Issued 14000 shares of preferred stock for cash at $60 per share.
Account to be debited is ________
Amount is $ ________
Account to be credited is (higher of the two amount) ________
Amount is $ ________
Account to be credited is (lower of the two amount) ________
Amount is $ ________
Step by step
Solved in 2 steps with 2 images
