A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account. The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

Question

Want to see the full answer?

Answer 1

Question

Chapter 11, Problem 3QS

a

To determine

Introduction: A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account.

The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

b

To determine

Introduction: If the no-par value shares are issued by an organization at a stated value, then the stated value is known as legal capital. This legal capital is recorded in the stated value stock account by crediting the same. If the company issues stated value shares at a price more than the stated value, then the additional amount received is recorded in the paid-in capital by crediting the same under stockholder's equity.

The journal entry to record J Company’s issuance of 36,000 shares $2stated value share at $18 per share.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Prepare the journal entry to record Rony Company's issuance of 35,000 shares of its common stock assuming the share have a : a. $4par value and sell for $16 cash per share b. S4 stated value and sell for $16 per share.

QS 11-3 (Algo) Issuance of par and stated value common stock LO P1 Prepare the journal entry to record Jevonte Company's issuance of 44,000 shares of its common stock assuming the shares have a: a. $3 par value and sell for $22 cash per share. b. $3 stated value and sell for $22 cash per share. View transaction list Journal entry worksheet 1 2 Record the issuance of 44,000 shares of common stock assuming the shares have a $3 par value and sell for $22 cash per share. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal

Answer with computation and explanation X Company sold 1,000 ordinary shares at par of P20 per share for P50,000. The journal entry to record the transaction would have a a credit to ordinary shares for P50,000. b credit to share premium for P20,000 C. credit to ordinary shares of P20,000. d. debit to share premium of P30,000

Answer 2

Question

Chapter 11, Problem 3QS

a

To determine

Introduction: A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account.

The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

b

To determine

Introduction: If the no-par value shares are issued by an organization at a stated value, then the stated value is known as legal capital. This legal capital is recorded in the stated value stock account by crediting the same. If the company issues stated value shares at a price more than the stated value, then the additional amount received is recorded in the paid-in capital by crediting the same under stockholder's equity.

The journal entry to record J Company’s issuance of 36,000 shares $2stated value share at $18 per share.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 11, Problem 3QS

a

To determine

Introduction: A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account.

The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

b

To determine

Introduction: If the no-par value shares are issued by an organization at a stated value, then the stated value is known as legal capital. This legal capital is recorded in the stated value stock account by crediting the same. If the company issues stated value shares at a price more than the stated value, then the additional amount received is recorded in the paid-in capital by crediting the same under stockholder's equity.

The journal entry to record J Company’s issuance of 36,000 shares $2stated value share at $18 per share.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 11, Problem 3QS

a

To determine

Introduction: A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account.

The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

b

To determine

Introduction: If the no-par value shares are issued by an organization at a stated value, then the stated value is known as legal capital. This legal capital is recorded in the stated value stock account by crediting the same. If the company issues stated value shares at a price more than the stated value, then the additional amount received is recorded in the paid-in capital by crediting the same under stockholder's equity.

The journal entry to record J Company’s issuance of 36,000 shares $2stated value share at $18 per share.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 11, Problem 3QS

a

To determine

Introduction: A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account.

The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

b

To determine

Introduction: If the no-par value shares are issued by an organization at a stated value, then the stated value is known as legal capital. This legal capital is recorded in the stated value stock account by crediting the same. If the company issues stated value shares at a price more than the stated value, then the additional amount received is recorded in the paid-in capital by crediting the same under stockholder's equity.

The journal entry to record J Company’s issuance of 36,000 shares $2stated value share at $18 per share.

Answer 6

Chapter 11, Problem 3QS

a

To determine

Introduction: A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account.

The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

Answer 7

Chapter 11, Problem 3QS

a

To determine

Introduction: A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account.

The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

Answer 8

b

To determine

Introduction: If the no-par value shares are issued by an organization at a stated value, then the stated value is known as legal capital. This legal capital is recorded in the stated value stock account by crediting the same. If the company issues stated value shares at a price more than the stated value, then the additional amount received is recorded in the paid-in capital by crediting the same under stockholder's equity.

The journal entry to record J Company’s issuance of 36,000 shares $2stated value share at $18 per share.

Answer 9

b

To determine

Introduction: If the no-par value shares are issued by an organization at a stated value, then the stated value is known as legal capital. This legal capital is recorded in the stated value stock account by crediting the same. If the company issues stated value shares at a price more than the stated value, then the additional amount received is recorded in the paid-in capital by crediting the same under stockholder's equity.

The journal entry to record J Company’s issuance of 36,000 shares $2stated value share at $18 per share.

Answer 10

Expert Solution & Answer

Answer 11

Expert Solution & Answer

Answer 12

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 13

Ch. 11 - Prob. 1MCQ Ch. 11 - Prob. 2MCQ Ch. 11 - Prob. 3MCQ Ch. 11 - Prob. 4MCQ Ch. 11 - Prob. 5MCQ Ch. 11 - Prob. 1DQ Ch. 11 - Prob. 2DQ Ch. 11 - Prob. 3DQ Ch. 11 - Prob. 4DQ Ch. 11 - Prob. 5DQ

A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account. The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

Solution Summary: The author explains that the issuance of a common stock affects only paid-in capital and capital account.

Videos

Introduction: A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account.

The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

Want to see the full answer?

Chapter 11 Solutions

A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account. The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

Solution Summary: The author explains that the issuance of a common stock affects only paid-in capital and capital account.

Videos

Introduction: A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account. The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.

Want to see the full answer?

Chapter 11 Solutions

Introduction: A corporation may issue shares at par or at the price more than the par value, the issuance of a common stock affects only paid-in capital and capital account.

The journal entry to record J Company’s issuance of 36,000 shares of $2 per share, for $18 cash per share.