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✔

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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