Sheridan Company issued 1,150 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 0 for the amounts.) (a) The stock had a par value of $5 per share and was issued for a total of $49,450. (b) The stock had a stated value of $5 per share and was issued for a total of $49,450. (c) The stock had no par or stated value and was issued for a total of $49,450. (d) The stock had a par value of $5 per share and was issued to attorneys for services provided during incorporation valued at $49,450. (e) The stock had a par value of $5 per share and was issued for land worth $49,450. No. Account Titles and Explanation Debit Credit (a) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (b) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (c) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (d) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount (e) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount

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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Question

Sheridan Company issued 1,150 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 0 for the amounts.)

(a)		The stock had a par value of $5 per share and was issued for a total of $49,450.
(b)		The stock had a stated value of $5 per share and was issued for a total of $49,450.
(c)		The stock had no par or stated value and was issued for a total of $49,450.
(d)		The stock had a par value of $5 per share and was issued to attorneys for services provided during incorporation valued at $49,450.
(e)		The stock had a par value of $5 per share and was issued for land worth $49,450.

No.	Account Titles and Explanation	Debit	Credit
(a)	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
(b)	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
(c)	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
(d)	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
(e)	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount

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