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Prepare the issuer's journal entry for each separate transaction. (a) On March 1, Edgar Co. issues 44,500 shares of $4 par value ordinary shares for $255,000 cash. (b) On April 1, GT Co. issues no-par value ordinary shares for $50,000 cash. (c) On April 6, MTV issues 2,000 $20 par value ordinary shares for $35,000 of inventory, $135,000 of machinery, and acceptance of an $84,000 note payable.

Prepare the issuer's journal entry for each separate transaction. (a) On March 1, Edgar Co. issues 44,500 shares of $4 par value ordinary shares for $255,000 cash. (b) On April 1, GT Co. issues no-par value ordinary shares for $50,000 cash. (c) On April 6, MTV issues 2,000 $20 par value ordinary shares for $35,000 of inventory, $135,000 of machinery, and acceptance of an $84,000 note payable.

FINANCIAL ACCOUNTING
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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QS13-5 Issuance of ordinary shares Prepare the issuer's journal entry for each separate transaction. (a) On March 1, Edgar Co. issues 44,500 shares of $4 par value ordinary shares for $255,000 cash. (b) On April 1, GT Co. issues no-par value ordinary shares for $50,000 cash. (c) On April 6, MTV issues 2,000 $20 par value ordinary shares for $35,000 of inventory, $135,000 of machinery, and acceptance of an $84,000 note payable.
Transcribed Image Text:QS13-5 Issuance of ordinary shares Prepare the issuer's journal entry for each separate transaction. (a) On March 1, Edgar Co. issues 44,500 shares of $4 par value ordinary shares for $255,000 cash. (b) On April 1, GT Co. issues no-par value ordinary shares for $50,000 cash. (c) On April 6, MTV issues 2,000 $20 par value ordinary shares for $35,000 of inventory, $135,000 of machinery, and acceptance of an $84,000 note payable.
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