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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Need help on Requirements 1 AND 2 and need help ASAP! Thank you!
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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