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FINANCIAL ACCOUNTING

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

**Journalizing No-Par Common Stock Transactions**

**BE11.3 (LO 2), AP**
On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share.

*Instructions:* Prepare entries for issuance of no-par value common stock.

*Additional Task:* Prepare entries for issuance of stock in a noncash transaction.

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