During its first year of operations Jeff company had the following transactions

Question

During its first year of operations Jeff company had the following transactions pertaining to its common stock. July 10th 74,000 shares for cash $5 per share July 1st issued 36,000 shares for cash at $9 per share. Journalize the transaction During its first year of operations Jeff company had the following transactions pertaining to its common stock. July 10th 74,000 shares for cash $5 per share July 1st issued 36,000 shares for cash at $9 per share. Journalize the transaction July 10th 74,000 shares for cash $5 per share July 1st issued 36,000 shares for cash at $9 per share. Journalize the transaction

Explanation / Answer

JOURNALENTRY Date Account Title & explanation Debit Credit July,1 Cash $        324,000 (36000*9) Common stock $ 180,000 Additionalpaid up capital $ 144,000 (To record issue of 36000 shares at $9 per share) July, 10 Cash $        370,000 (74000*5) Common stock $ 370,000 (To record issue of 74000 shares at $5per share at par)

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