No repare 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 2,000 shares of $20 par value common stock for $48,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $28,500. The stock has a $3 per share stated value. D 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $28,500. The stock has no stated value. 4. A corporation issued 500 shares of $75 par value preferred stock for $66,000 cash. Transaction 1 2 3 4 Cash Common stock, $20 par value Paid-in capital in excess of par value, Common stock Organization expenses Common stock dividend distributable Paid-in capital in excess of par value, Common stock Organization expenses Common dividend payable General Journal Cash Preferred stock, $75 par value 000 x x ✓ X >> Debit 48,000✔ 28,500 28,500 66,000 Credit 40,000✔ 8,000✔ 1,000 x 27,500x 28,500✔ 37,500✔
No repare 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 2,000 shares of $20 par value common stock for $48,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $28,500. The stock has a $3 per share stated value. D 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $28,500. The stock has no stated value. 4. A corporation issued 500 shares of $75 par value preferred stock for $66,000 cash. Transaction 1 2 3 4 Cash Common stock, $20 par value Paid-in capital in excess of par value, Common stock Organization expenses Common stock dividend distributable Paid-in capital in excess of par value, Common stock Organization expenses Common dividend payable General Journal Cash Preferred stock, $75 par value 000 x x ✓ X >> Debit 48,000✔ 28,500 28,500 66,000 Credit 40,000✔ 8,000✔ 1,000 x 27,500x 28,500✔ 37,500✔
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
DO NOT GIVE SOLUTION IN IMAGE
![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 2,000 shares of $20 par value common stock for $48,000 cash.
2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $28,500. The stock has a $3 per share stated value.
D
3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $28,500. The stock has no stated value.
4. A corporation issued 500 shares of $75 par value preferred stock for $66,000 cash.
Transaction
1
2
3
4
Cash
Common stock, $20 par value
Paid-in capital in excess of par value, Common stock
General Journal
Organization expenses
Common stock dividend distributable
Paid-in capital in excess of par value, Common stock
Organization expenses
Common dividend payable
Cash
Preferred stock, $75 par value
Paid-in capital in excess of par value, preferred stock
✓
x
x
>>
x
✓
Debit
48,000✔
28,500✔
28,500
66,000✔
Credit
40,000
8,000
1,000 X
27,500 x
28,500✔
37,500✔
28,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F734954fb-fae0-4366-b2ce-e1efb24819e4%2Fcfd55e5f-ad92-41ef-a0b6-e6b2850f095d%2Fetrwa6_processed.jpeg&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 2,000 shares of $20 par value common stock for $48,000 cash.
2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $28,500. The stock has a $3 per share stated value.
D
3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $28,500. The stock has no stated value.
4. A corporation issued 500 shares of $75 par value preferred stock for $66,000 cash.
Transaction
1
2
3
4
Cash
Common stock, $20 par value
Paid-in capital in excess of par value, Common stock
General Journal
Organization expenses
Common stock dividend distributable
Paid-in capital in excess of par value, Common stock
Organization expenses
Common dividend payable
Cash
Preferred stock, $75 par value
Paid-in capital in excess of par value, preferred stock
✓
x
x
>>
x
✓
Debit
48,000✔
28,500✔
28,500
66,000✔
Credit
40,000
8,000
1,000 X
27,500 x
28,500✔
37,500✔
28,500
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