The charter of Dogwood Corporation authorizes the issuance of 1,000 shares of preferred stock and 2.600 shares of common stock During a two-month period. Dogwood completed these stock-issuance transactions (Click the icon to view the transactions) Read the reguirements Requirement 1. Record the transactions in the general journal. (Record debits first, then credits Select the explanation on the last line of the joumal entry tabie) Mar. 23 issued 210 shares of $1 par value common stock for cash of $10 per share Date Accounts and Explanation Debit Credit Mar. 23 Cash 2,100 Common Stock-$1 Par Value 210 Paid-in Capital in Excess of Par-Common 1,90 Issued common stock for cash. Apr. 12: Received inventory with a market value of $20,000 and equipment with a market value of $20,000 for 340 shares of the $1 par value common stock Date Accounts and Explanation Debit Credit Apr. 12
The charter of Dogwood Corporation authorizes the issuance of 1,000 shares of preferred stock and 2.600 shares of common stock During a two-month period. Dogwood completed these stock-issuance transactions (Click the icon to view the transactions) Read the reguirements Requirement 1. Record the transactions in the general journal. (Record debits first, then credits Select the explanation on the last line of the joumal entry tabie) Mar. 23 issued 210 shares of $1 par value common stock for cash of $10 per share Date Accounts and Explanation Debit Credit Mar. 23 Cash 2,100 Common Stock-$1 Par Value 210 Paid-in Capital in Excess of Par-Common 1,90 Issued common stock for cash. Apr. 12: Received inventory with a market value of $20,000 and equipment with a market value of $20,000 for 340 shares of the $1 par value common stock Date Accounts and Explanation Debit Credit Apr. 12
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The charter of Dogwood Corporation authorizos the issuance of 1,000 shares of preferred stock and 2,600 shares of common stock. During a two-month period.
Dogwood compleled these stock-issuance transactionis:
(Cick the icon to view the transactions)
Read the requirements
Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry lable.)
Mar. 23: Issued 210 shares of $1 par value common stock for cash of $10 per share.
Date
Accounts and Explanation
Debit
Credit
Mar. 23
Cash
2,100
Common Stock-$1 Par Value
210
Paid-in Capital in Excess of Par--Common
1,890
Issued common stock for cash.
Apr. 12: Received inventory with a market value of $26,000 and equipment with a market value of $20,000 for 340 shares of the $1 par value common stock
Date
Accounts and Explanation
Debit
Credit
Apr. 12
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