Homework Help is Here – Start Your Trial Now!
Business
Accounting
Required information Following are the issuances of stock bansactions 1. A corporation issued 10,000 shares of $20 par value common stock for $240.000 2. A corporation issued 5.000 he to be worth $53,500 The stock has a $1 ed value 3 A corporation issued 5,000 shares of no par common stock to be worth $53.500 The stock has no 4. A corporation issued 2.500 shares of $50 per value prefemed so for $500 Journal entry worksheet C D $240.000 Journal entry worksheet < A promotors in exchange for t D

Required information Following are the issuances of stock bansactions 1. A corporation issued 10,000 shares of $20 par value common stock for $240.000 2. A corporation issued 5.000 he to be worth $53,500 The stock has a $1 ed value 3 A corporation issued 5,000 shares of no par common stock to be worth $53.500 The stock has no 4. A corporation issued 2.500 shares of $50 per value prefemed so for $500 Journal entry worksheet C D $240.000 Journal entry worksheet < A promotors in exchange for t D

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please dont provide solution in image based thanx
Required information The following information applies to the questions displayed below M Following are the issuances of stock transactions 1. A corporation issued 10,000 shares of $20 par value common stock for $240,000 ca 2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $53,500 The stock has a $1 per share stated 3. A corporation issued 5,000 shares of no-par common stock to to promoters in exchange for the efforts, estimated to be worth $53.500. The stock has no stated value. 4. A corporation issued 2.500 shares of $50 par value prefemed stock for $178.500 cash Prepare journal entries to record each of the following four separate issuences of stock Journal entry worksheet 0 C D Record the issue of 10,000 shares of $20 par value common stuck for $240,000 cash Journal entry worksheet < CD Record the issue of 10,000 shares of $20 par value common stock for $240,000 cash. Note: Enter debits before credits. Transaction 1 < Record entry Journal entry worksheet Cash Common stock, $20 par value Paid-in capital in excess of par value, Common stock Note: Enter debits before credits Transaction 2 Record entry Record the issue of 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $53,500. The stock has a $1 www per share stated value. Transaction 3 Note: Enter debits before credits. General Journal Organization expenses Common stock, no-par value Paid-in capital in excess of stated value, common stock Journal entry worksheet CD Record entry < Clear entry General Journal C Record the issue of 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $53,500. The stock has no stated value. Note: Enter debts before credits Transaction 4 Record entry Clear entry Journal entry worksheet General Journal Clear entry D Debit 240,000 4 Record the issue of 2,500 shares of $50 par value preferred stock for $178,500 cash. General Joumal Clear entry Credit View general journal 200,000 40,000 Debit Credit 53,500 5.000 View general journal Debit Credit View general journal Debit Credit View general journal
Transcribed Image Text:Required information The following information applies to the questions displayed below M Following are the issuances of stock transactions 1. A corporation issued 10,000 shares of $20 par value common stock for $240,000 ca 2. A corporation issued 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $53,500 The stock has a $1 per share stated 3. A corporation issued 5,000 shares of no-par common stock to to promoters in exchange for the efforts, estimated to be worth $53.500. The stock has no stated value. 4. A corporation issued 2.500 shares of $50 par value prefemed stock for $178.500 cash Prepare journal entries to record each of the following four separate issuences of stock Journal entry worksheet 0 C D Record the issue of 10,000 shares of $20 par value common stuck for $240,000 cash Journal entry worksheet < CD Record the issue of 10,000 shares of $20 par value common stock for $240,000 cash. Note: Enter debits before credits. Transaction 1 < Record entry Journal entry worksheet Cash Common stock, $20 par value Paid-in capital in excess of par value, Common stock Note: Enter debits before credits Transaction 2 Record entry Record the issue of 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $53,500. The stock has a $1 www per share stated value. Transaction 3 Note: Enter debits before credits. General Journal Organization expenses Common stock, no-par value Paid-in capital in excess of stated value, common stock Journal entry worksheet CD Record entry < Clear entry General Journal C Record the issue of 5,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $53,500. The stock has no stated value. Note: Enter debts before credits Transaction 4 Record entry Clear entry Journal entry worksheet General Journal Clear entry D Debit 240,000 4 Record the issue of 2,500 shares of $50 par value preferred stock for $178,500 cash. General Joumal Clear entry Credit View general journal 200,000 40,000 Debit Credit 53,500 5.000 View general journal Debit Credit View general journal Debit Credit View general journal
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS