Sierra Systems completed the following stock issuance transactions: More info May 19 Issued 1,900 shares of $2 par value common stock for cash of $12.50 per share. Jun. 3 Isssued 500 shares of $6, no-par preferred stock for $25,000 cash. Jun. 11 Received equipment with a market value of $72,000 in exchange for 4,000 shares of the $2 par value common stock. Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Sierra Systems? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) May 19: Issued 1,900 shares of $2 par value common stock for cash of $12.50 per share. Date Accounts Debit Credit May 19
Sierra Systems completed the following stock issuance transactions: More info May 19 Issued 1,900 shares of $2 par value common stock for cash of $12.50 per share. Jun. 3 Isssued 500 shares of $6, no-par preferred stock for $25,000 cash. Jun. 11 Received equipment with a market value of $72,000 in exchange for 4,000 shares of the $2 par value common stock. Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions generate for Sierra Systems? Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) May 19: Issued 1,900 shares of $2 par value common stock for cash of $12.50 per share. Date Accounts Debit Credit May 19
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Sierra
Systems completed the following stock issuance transactions:More info
|
May 19
|
Issued 1,900 shares of $2 par value common stock for cash of $12.50 per share.
|
|---|---|
|
Jun. 3
|
Isssued 500 shares of $6, no-par
|
|
Jun. 11
|
Received equipment with a market value of $72,000 in exchange for 4,000 shares of the $2 par value common stock.
|
Requirements
|
1.
|
Journalize the transactions. Explanations are not required.
|
|
2.
|
How much paid-in capital did these transactions generate for
Sierra
Systems? |
Requirement 1. Journalize the transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries. )
May
19: Issued
1,900
shares of
$2
par value common stock for cash of
$12.50
per share.|
Date
|
Accounts
|
Debit
|
Credit
|
|---|---|---|---|
|
May 19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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