n-Line Learning Corporation obtained a charter at the beginning of this year that authorized 63,000 shares of no-par common stock and 30,000 shares of preferred stock, $19 par value. The corporation was organized by four individuals who purchased a total of 36,000 shares of the common stock. The remaining shares were to be sold to other individuals. During the year, the following selected transactions occurred: a. Collected $38 cash per share from the four organizers and issued 9,000 shares of common stock to each of them. b. Sold 10,000 shares of common stock to an outsider at $76 cash per share. c. Sold 11,000 shares of preferred stock at $57 cash per share. Required: 1. Prepare the journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) I'm unsure why this answer is wrong.
On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 63,000 shares of no-par common stock and 30,000 shares of
a. Collected $38 cash per share from the four organizers and issued 9,000 shares of common stock to each of them.
b. Sold 10,000 shares of common stock to an outsider at $76 cash per share.
c. Sold 11,000 shares of preferred stock at $57 cash per share.
Required:
1. Prepare the journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No
I'm unsure why this answer is wrong.
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