QS13-5 Issuance of ordinary shares Prepare the issuer's journal entry for each separate transaction. (a) On March 1, John Co. issues 48,700 shares of $4 par value ordinary shares for $275,000 cash. (b) On April 1, RM Co. issues no-par value ordinary shares for $50,000 cash. (c) On April 6, RRC 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.
QS13-5 Issuance of ordinary shares Prepare the issuer's journal entry for each separate transaction. (a) On March 1, John Co. issues 48,700 shares of $4 par value ordinary shares for $275,000 cash. (b) On April 1, RM Co. issues no-par value ordinary shares for $50,000 cash. (c) On April 6, RRC 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
hey can u solve please
Transcribed Image Text:QS13-5 Issuance of ordinary shares
Prepare the issuer's journal entry for each separate transaction. (a) On March 1, John Co. issues
48,700 shares of $4 par value ordinary shares for $275,000 cash. (b) On April 1, RM Co. issues no-par
value ordinary shares for $50,000 cash. (c) On April 6, RRC 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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education