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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common stock. In its first year, the corporation has the following transactions: Journalize the transactions.
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