Share Issuances for Cash Finlay, Inc., issued 11,000 shares of $50 par value preferred stock at $70 per share and 15,000 shares of no-par value common stock at $10 per share. The common stock has no stated value. All issuances were for cash.a. Prepare the journal entries to record the share issuances.b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $5 per share.c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $1 per share. General Journal Ref. Description Debit Credit a. Answer Answer Answer Preferred Stock Answer Answer Answer Answer Answer Issued 11,000 shares of preferred stock. Answer Answer Answer Answer Answer Answer Issued 15,000 shares of no-par value common stock. b. Answer Answer Answer Common Stock Answer Answer Answer Answer Answer Issued 15,000 shares of no-par common stock, stated value of $5, at$10 per share. c. Answer Answer Answer Common Stock Answer Answer Answer Answer Answer Issued 15,000 shares of $1 parvalue common stock,at $10 per share.
Share Issuances for Cash Finlay, Inc., issued 11,000 shares of $50 par value preferred stock at $70 per share and 15,000 shares of no-par value common stock at $10 per share. The common stock has no stated value. All issuances were for cash.a. Prepare the journal entries to record the share issuances.b. Prepare the journal entry for the issuance of the common stock assuming that it had a stated value of $5 per share.c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $1 per share. General Journal Ref. Description Debit Credit a. Answer Answer Answer Preferred Stock Answer Answer Answer Answer Answer Issued 11,000 shares of preferred stock. Answer Answer Answer Answer Answer Answer Issued 15,000 shares of no-par value common stock. b. Answer Answer Answer Common Stock Answer Answer Answer Answer Answer Issued 15,000 shares of no-par common stock, stated value of $5, at$10 per share. c. Answer Answer Answer Common Stock Answer Answer Answer Answer Answer Issued 15,000 shares of $1 parvalue common stock,at $10 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Share Issuances for Cash
Finlay, Inc., issued 11,000 shares of $50 par value
a. Prepare the journal entries to record the share issuances.
b. Prepare the
c. Prepare the journal entry for the issuance of the common stock assuming that it had a par value of $1 per share.
| General Journal | |||
|---|---|---|---|
| Ref. | Description | Debit | Credit |
| a. | Answer | Answer | Answer |
| Preferred Stock | Answer | Answer | |
| Answer | Answer | Answer | |
| Issued 11,000 shares of preferred stock. | |||
| Answer | Answer | Answer | |
| Answer | Answer | Answer | |
| Issued 15,000 shares of no-par value common stock. | |||
| b. | Answer | Answer | Answer |
| Common Stock | Answer | Answer | |
| Answer | Answer | Answer | |
| Issued 15,000 shares of no-par common stock, stated value of $5, at$10 per share. | |||
| c. | Answer | Answer | Answer |
| Common Stock | Answer | Answer | |
| Answer | Answer | Answer | |
| Issued 15,000 shares of $1 parvalue common stock,at $10 per share. |
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