New Hampshire Corporation has two classes of stock: common, $5 par value; and preferred, $15 par value. Requirements 1. Journalize New Hampshire's issuance of 3,500 shares of common stock for $7 per share. 2. Journalize New Hampshire's issuance of 3,500 shares of preferred stock for a total of $52,500. Requirement 1. Journalize New Hampshire's issuance of 3,500 shares of common stock for $7 per share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanations Debit Credit Cash 52,500 Common Stock–$5 Par Value 24,500 Paid-In Capital in Excess of Par-Common 28,000 Issued common stock at a premium.
New Hampshire Corporation has two classes of stock: common, $5 par value; and preferred, $15 par value. Requirements 1. Journalize New Hampshire's issuance of 3,500 shares of common stock for $7 per share. 2. Journalize New Hampshire's issuance of 3,500 shares of preferred stock for a total of $52,500. Requirement 1. Journalize New Hampshire's issuance of 3,500 shares of common stock for $7 per share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanations Debit Credit Cash 52,500 Common Stock–$5 Par Value 24,500 Paid-In Capital in Excess of Par-Common 28,000 Issued common stock at a premium.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 5PA: Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par...
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Need help on Requirements 1 AND 2 and need help ASAP! Thank you!
![New Hampshire Corporation has two classes of stock: common, $5 par value; and preferred, $15 par value.
Requirements
1. Journalize New Hampshire's issuance of 3,500 shares of common stock for $7 per share.
2. Journalize New Hampshire's issuance of 3,500 shares of preferred stock for a total of $52,500.
Requirement 1. Journalize New Hampshire's issuance of 3,500 shares of common stock for $7 per share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Date
Accounts and Explanations
Debit
Credit
Cash
52,500
Common Stock–$5 Par Value
24,500
Paid-In Capital in Excess of Par-Common
28,000
Issued common stock at a premium.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F27b4400a-3134-46f6-9c69-b4edd660a8b4%2F7c9aff86-4126-47d4-ad15-886442f375cc%2Fq6girw.png&w=3840&q=75)
Transcribed Image Text:New Hampshire Corporation has two classes of stock: common, $5 par value; and preferred, $15 par value.
Requirements
1. Journalize New Hampshire's issuance of 3,500 shares of common stock for $7 per share.
2. Journalize New Hampshire's issuance of 3,500 shares of preferred stock for a total of $52,500.
Requirement 1. Journalize New Hampshire's issuance of 3,500 shares of common stock for $7 per share. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
Date
Accounts and Explanations
Debit
Credit
Cash
52,500
Common Stock–$5 Par Value
24,500
Paid-In Capital in Excess of Par-Common
28,000
Issued common stock at a premium.
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