Entries for Issuing Stock On January 22, Erin Corporation issued for cash 26,000

Question

Entries for Issuing Stock On January 22, Erin Corporation issued for cash 26,000 shares of no-par common stock at $40. On February 14, Erin issued at par 4,000 shares of 3%,, s80 parpreemed stock for cash. On August 30, Erin Corporation issued for cash 33,000 shares of preferred 396 stock, $80 par at S90. Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 22 Feb. 14 ??

Explanation / Answer

Workings all included in the answer:

Date Accounts title Debit Credit Working Jan-22 Cash $                       1,040,000.00 [26,000 shares x $ 40] Common Stock $         1,040,000.00 (Common Stock issued) Feb-14 Cash $                           320,000.00 [4,000 shares x $ 80] Preferred Stock $             320,000.00 (Preferred stock issued) Aug-30 Cash $                       2,970,000.00 [33,000 shares x $ 90] Preferred Stock $         2,640,000.00 [33,000 shares x $ 80 par] Paid in Capital in excess of Par - Preferred Stock $             330,000.00 [33,000 shares x $ 10] (Preferred stock issued)

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