Exercise 11-1 During its first year of operations, Swifty Corporation had these

Question

Exercise 11-1

During its first year of operations, Swifty Corporation had these transactions pertaining to its common stock.

(Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

No.

Date

Account Titles and Explanation

Debit

Credit

Open Show Work

2.

Exercise 11-3

Date

Account Titles and Explanation

Debit

Credit

Jan. 10 Issued 27,100 shares for cash at $6 per share. July 1 Issued 60,500 shares for cash at $7 per share.

Explanation / Answer

2.

No. Date Account titles and explanation Debit Credit (a) Jan. 10 Cash (27,100 shares*$6 per share) $162,600 Common stock (27,100 shares*$6 per share) $162,600 (b) July 1 Cash (27,100 shares*$6 per share) $162,600 Common stock (27,100 shares*$3 per share) $81,300 Additional paid in capital-in excess of stated (27,100 shares*$4 per share) $108,400

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