[The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 5,000 shares of $10 par value common stock for $60,000 cash. 2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $22,500. The stock has a $1 per share stated value. 3. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $22,500. The stock has no stated value. 4. A corporation issued 1,250 shares of $50 par value preferred stock for $85,000 cash. Prepare journal entries to record each of the following four separate issuances of stock.
[The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 5,000 shares of $10 par value common stock for $60,000 cash. 2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $22,500. The stock has a $1 per share stated value. 3. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $22,500. The stock has no stated value. 4. A corporation issued 1,250 shares of $50 par value preferred stock for $85,000 cash. Prepare journal entries to record each of the following four separate issuances of stock.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Transcribed Image Text:Transaction.
2
Record the issue of 2,500 shares of no-par common stock to its promoters in
exchange for their efforts, estimated to be worth $22,500. The stock has a $1
per share stated value.
Note: Enter debits before credits.
Record entry
B
Show Transcribed Text
View transaction list
с
Journal entry worksheet
Record entry
da D
Note: Enter debits before credits
Transaction
3
Show Transcribed Text
D
General Journal
Record the issue of 2,500 shares of no-par common stock to its promoters in
exchange for their efforts, estimated to be worth $22,500. The stock has no
stated value.
Clear entry
General Journal
Clear entry
Note: Enter debits before credits.
Journal entry worksheet
< A B с
J
Ć
Debit
Debit
Credit
View general journal
View general journal
17 ⠀⠀⠀
Credit
Nevt Y
8
Record the issue of 1,250 shares of $50 par value preferred stock for $85,000
cash.
![Required information
[The following information applies to the questions displayed below.]
Following are the issuances of stock transactions.
1. A corporation issued 5,000 shares of $10 par value common stock for $60,000 cash.
2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $22,500. The stock has a $1 per share stated value.
3. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $22,500. The stock has no stated value.
4. A corporation issued 1,250 shares of $50 par value preferred stock for $85,000 cash.
Prepare journal entries to record each of the following four separate issuances of stock.
View transaction list
Journal entry worksheet
B C D
Record the issue of 5,000 shares of $10 par value common stock for $60,000
cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
4
4 4
Credit
Maut](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdf558df7-ab88-43d4-aa53-b38a541bb6de%2F5d279bea-1976-4c32-9030-d6e06f6d859b%2Fcu807h_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Following are the issuances of stock transactions.
1. A corporation issued 5,000 shares of $10 par value common stock for $60,000 cash.
2. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $22,500. The stock has a $1 per share stated value.
3. A corporation issued 2,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $22,500. The stock has no stated value.
4. A corporation issued 1,250 shares of $50 par value preferred stock for $85,000 cash.
Prepare journal entries to record each of the following four separate issuances of stock.
View transaction list
Journal entry worksheet
B C D
Record the issue of 5,000 shares of $10 par value common stock for $60,000
cash.
Note: Enter debits before credits.
Transaction
General Journal
Debit
4
4 4
Credit
Maut
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