Stock Issuance (Par, No-Par, and Stated Value) The following independent stock transactions occurred during January 20-- for various corporations: (a) Issued 6,000 shares of $10 par common stock for $60,000 cash. (b) Issued 4,000 shares of $10 par common stock for $52,000 cash. (c) Issued 5,000 shares of no-par common stock for $55,000 cash. (d) Issued 4,000 shares of no-par common stock for $42,000 cash. (e) Issued 6,000 shares of no-par common stock with a stated value of $8 per share for $48,000 cash. (f) Issued 3,000 shares of no-par common stock with a stated value of $8 per share for $25,000 cash. Prepare general journal entries for these transactions, identifying each by letter. Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 a. Cash 1 2 Common Stock 2 3 3 4 b. Cash 4 5 Common Stock 5 6 Paid-In Capital in Excess of Par-Common Stock 6 7 7 8 c. Cash 8 9 Common Stock 9 10 10 11 d. Cash 11 12 Common Stock 12 13 13 14 e. Cash 14 15 Common Stock 15 16 16 17 f. Cash 17 18 Common Stock 18 19 Paid-In Capital in Excess of Par-Common Stock 19

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Stock Issuance (Par, No-Par, and Stated Value)

The following independent stock transactions occurred during January 20-- for various corporations:

(a)	Issued 6,000 shares of $10 par common stock for $60,000 cash.
(b)	Issued 4,000 shares of $10 par common stock for $52,000 cash.
(c)	Issued 5,000 shares of no-par common stock for $55,000 cash.
(d)	Issued 4,000 shares of no-par common stock for $42,000 cash.
(e)	Issued 6,000 shares of no-par common stock with a stated value of $8 per share for $48,000 cash.
(f)	Issued 3,000 shares of no-par common stock with a stated value of $8 per share for $25,000 cash.

Prepare general journal entries for these transactions, identifying each by letter.

Page: 1

	DATE	ACCOUNT TITLE
1	a.	Cash	1
2		Common Stock	2
3			3
4	b.	Cash	4
5		Common Stock	5
6		Paid-In Capital in Excess of Par-Common Stock	6
7			7
8	c.	Cash	8
9		Common Stock	9
10			10
11	d.	Cash	11
12		Common Stock	12
13			13
14	e.	Cash	14
15		Common Stock	15
16			16
17	f.	Cash	17
18		Common Stock	18
19		Paid-In Capital in Excess of Par-Common Stock	19

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