Sheffield Corp. issued 1,050 shares of stock. Prepare the entry for the issuance under the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) (c) (d) (e) The stock had a par value of $5 per share and was issued for a total of $52,500. The stock had a stated value of $5 per share and was issued for a total of $52.500. The stock had no par or stated value and was issued for a total of $52,500. The stock had a par value of $5 per share and was issued to attorneys for services provided during incorporation valued at $52,500. The stock had a par value of $5 per share and was issued for land worth $52,500.

Sheffield Corp. issued 1,050 shares of stock. Prepare the entry for the issuance under the following independent assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) (c) (d) (e) The stock had a par value of $5 per share and was issued for a total of $52,500. The stock had a stated value of $5 per share and was issued for a total of $52.500. The stock had no par or stated value and was issued for a total of $52,500. The stock had a par value of $5 per share and was issued to attorneys for services provided during incorporation valued at $52,500. The stock had a par value of $5 per share and was issued for land worth $52,500.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 3E: Journal Entry to Separate Receivables An examination of Hutton Corporations accounting records...

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