ffolk Onine ? 0 | i. Secure l https://edugen. m/edugen/lti/main.uni Weygandt, Ac

Question

ffolk Onine ? 0 | i. Secure l https://edugen. m/edugen/lti/main.uni Weygandt, Accounting Principles, 12e Return RENT RESCURC?S? Exercise 13-3 Ealse Qunstio During its first year of operations, Foyle Corporation had the foowing transactions pertaining to its common stock Jan. 10 Issued 71,000 shares for cash at $7 per share. uly1 Issued 38,000 shares for cash at s8 per share. Journalize the transactions, assuming that the common stock has a par value of $7 per share. (Record journal entries in the onder pres DateAccount Titles and Explanation Debit Credit aie.Chaise stan 42 ntien 50 Joumalze the transactions, assuming that the co-n stock no-par with a stated value of Si per share. ( ord?rmal entries m the Account Titles and Explanation Debit Wey AP 12e PPT..pptx

Explanation / Answer

PART-1 Date Particulars Debit Credit Jan-10 Cash (71000*$7) 497,000 Common stock 497,000 Jul-01 Cash (38,000*$8) 304,000 Common stock (38000*$7) 266,000 APIC 38,000 PART-2 Date Particulars Debit Credit Jan-10 Cash (71000*$7) 497,000 Common stock (71,000*$1) 71,000 APIC 426,000 Jul-01 Cash (38,000*$8) 304,000 Common stock (38,000*$1) 38,000 APIC 266,000

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