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Rodriguez Corporation issues 20,000 shares of its common stock for $326,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $14 par value. 2. The stock has neither par nor stated value. 3. The stock has a $7 stated value. View transaction list View journal entry worksheet

Rodriguez Corporation issues 20,000 shares of its common stock for $326,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $14 par value. 2. The stock has neither par nor stated value. 3. The stock has a $7 stated value. View transaction list View journal entry worksheet

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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Rodriguez Corporation issues 20,000 shares of its common stock for $326,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $14 par value. 2. The stock has neither par nor stated value. 3. The stock has a $7 stated value. View transaction list No A B C Transaction 1 2 View journal entry worksheet 3 Common stock, $14 par value Cash Common stock, no-par value Cash Common stock, $7 stated value Cash General Journal Debit 326,000 326,000 326,000 Credit 326,000 326,000 326,000 Ⓒ .....
Transcribed Image Text:Rodriguez Corporation issues 20,000 shares of its common stock for $326,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $14 par value. 2. The stock has neither par nor stated value. 3. The stock has a $7 stated value. View transaction list No A B C Transaction 1 2 View journal entry worksheet 3 Common stock, $14 par value Cash Common stock, no-par value Cash Common stock, $7 stated value Cash General Journal Debit 326,000 326,000 326,000 Credit 326,000 326,000 326,000 Ⓒ .....
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