Transactions: (a) Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash.. (b) Issued 6,000 shares of no-par common stock with a stated value of $10 per share for $63,000 cash. (c) Issued 3,500 shares of no-par, 6% preferred stock with a stated value of $22 per share for $77,000 cash. (d) Issued 10,000 shares of $10 par common stock for land with a fair market value of $100,000. (e) Issued 11,000 shares of $10 par common stock with an $11 fair market value for a building with an uncertain fair market value.
Transactions: (a) Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash.. (b) Issued 6,000 shares of no-par common stock with a stated value of $10 per share for $63,000 cash. (c) Issued 3,500 shares of no-par, 6% preferred stock with a stated value of $22 per share for $77,000 cash. (d) Issued 10,000 shares of $10 par common stock for land with a fair market value of $100,000. (e) Issued 11,000 shares of $10 par common stock with an $11 fair market value for a building with an uncertain fair market value.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
prepare general journal entries for these transactions
Transcribed Image Text:Dan's Hobby Stores had the following stock transactions during the year:
Transactions:
(a) Issued 5,000 shares of no-par common stock with a stated value of $10 per share for $50,000 cash..
(b) Issued 6,000 shares of no-par common stock with a stated value of $10 per share for $63,000 cash.
(c) Issued 3,500 shares of no-par, 6% preferred stock with a stated value of $22 per share for $77,000
cash.
(d) Issued 10,000 shares of $10 par common stock for land with a fair market value of $100,000.
(e) Issued 11,000 shares of $10 par common stock with an $11 fair market value for a building with an
uncertain fair market value.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education