No Prepare journal entries to record each of the following four separate issuances of stock. A B с Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash. 2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,000. The stock has a $1 per share stated value. D 3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,000. The stock has no stated value. 4. A corporation issued 1,500 shares of $75 par value preferred stock for $147,500 cash. Transaction 1 2 3 4 Cash X Answer is not complete. General Journal Common stock, $10 par value Paid-in capital in excess of par value, Common stock Organization expenses Common stock, $1 stated value Paid-in capital in excess of stated value, common stock Organization expenses Common stock, no-par value Cash Common stock, no-par value Paid-in capital in excess of par value, preferred stock 333 ✓ ✔ ✔ 33 3*3 Debit 72,000✔ X 23,500X 23,500 X ✓ 147,500✔ Credit 60,000✔ 12,000✔ 3,000✔ 20,500 X 23,500 X
No Prepare journal entries to record each of the following four separate issuances of stock. A B с Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash. 2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,000. The stock has a $1 per share stated value. D 3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $35,000. The stock has no stated value. 4. A corporation issued 1,500 shares of $75 par value preferred stock for $147,500 cash. Transaction 1 2 3 4 Cash X Answer is not complete. General Journal Common stock, $10 par value Paid-in capital in excess of par value, Common stock Organization expenses Common stock, $1 stated value Paid-in capital in excess of stated value, common stock Organization expenses Common stock, no-par value Cash Common stock, no-par value Paid-in capital in excess of par value, preferred stock 333 ✓ ✔ ✔ 33 3*3 Debit 72,000✔ X 23,500X 23,500 X ✓ 147,500✔ Credit 60,000✔ 12,000✔ 3,000✔ 20,500 X 23,500 X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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No
Prepare journal entries to record each of the following four separate issuances of stock.
A
B
C
Required information
[The following information applies to the questions displayed below.]
Following are the issuances of stock transactions.
1. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash.
2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $35,000. The stock has a $1 per share stated value.
D
3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $35,000. The stock has no stated value.
4. A corporation issued 1,500 shares of $75 par value preferred stock for $147,500 cash.
Transaction
1
2
3
4
Cash
X Answer is not complete.
General Journal
Common stock, $10 par value
Paid-in capital in excess of par value, Common stock
Organization expenses
Common stock, $1 stated value
Paid-in capital in excess of stated value, common stock
Organization expenses
Common stock, no-par value
Cash
Common stock, no-par value
Paid-in capital in excess of par value, preferred stock
✓
✓
✓
✔
*** **
Debit
72,000✔
23,500 X
23,500 X
147,500✔
Credit
60,000✔
12,000✔
3,000✔
20,500 X
23,500 X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff034f9c5-e875-478c-86ea-280ebf198c5b%2F3a0db89d-9370-4e18-8346-0acfeae168fe%2Fcxvf4q_processed.png&w=3840&q=75)
Transcribed Image Text:!
No
Prepare journal entries to record each of the following four separate issuances of stock.
A
B
C
Required information
[The following information applies to the questions displayed below.]
Following are the issuances of stock transactions.
1. A corporation issued 6,000 shares of $10 par value common stock for $72,000 cash.
2. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $35,000. The stock has a $1 per share stated value.
D
3. A corporation issued 3,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $35,000. The stock has no stated value.
4. A corporation issued 1,500 shares of $75 par value preferred stock for $147,500 cash.
Transaction
1
2
3
4
Cash
X Answer is not complete.
General Journal
Common stock, $10 par value
Paid-in capital in excess of par value, Common stock
Organization expenses
Common stock, $1 stated value
Paid-in capital in excess of stated value, common stock
Organization expenses
Common stock, no-par value
Cash
Common stock, no-par value
Paid-in capital in excess of par value, preferred stock
✓
✓
✓
✔
*** **
Debit
72,000✔
23,500 X
23,500 X
147,500✔
Credit
60,000✔
12,000✔
3,000✔
20,500 X
23,500 X
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