Jake Corporation issued2,600shares of stock. Prepare the entry for the issuance

Question

Jake Corporation issued2,600shares of stock.

Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(a)
The stock had a par value of $6per share and was issued for a total of $53,900. (b)
The stock had a stated value of $6per share and was issued for a total of $53,900. (c)
The stock had no par or stated value and was issued for a total of $53,900. (d)
The stock had a par value of $6per share and was issued to attorneys for services during incorporation valued at $53,900. (e)
The stock had a par value of $6per share and was issued for land worth $53,900.

Explanation / Answer

(a) The stock had a par value of $6per share and was issued for a total of $53,900. Cash Dr. 53900 Common Stock Cr. 15600 (6*2600) Paid in capital -- in excess of par Cr. 38300 (53900-15600) (b) The stock had a stated value of $6per share and was issued for a total of $53,900. Cash Dr. 53900 Common Stock Cr. 15600 (6*2600) Paid in capital -- in excess of par Cr. 38300 (53900-15600) (c) The stock had no par or stated value and was issued for a total of $53,900. Cash Dr. 53900 Common stock Cr. 53900 (d) The stock had a par value of $6per share and was issued to attorneys for services during incorporation valued at $53,900. Organizational expense Dr. 53900 Common stock Cr. 15600 (2600*6) Paid in capital -- in excess of par Cr. 38300 (53900-15600) (e) The stock had a par value of $6per share and was issued for land worth $53,900. Land Dr. 53900 Common stock Cr. 15600 (2600*6) Paid in capital -- in excess of par Cr. 38300 (53900-15600)

Related Questions

Navigate

• Browse (All)
• Browse J
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.