P13-47 sources of equity and journalizing stock issuance iPad 10:41 AM * 94% Ans

Question

P13-47 sources of equity and journalizing stock issuance
iPad 10:41 AM * 94% Answer 1 of 1 Done P11-35 Journal entries: Debit Credit Date Account and Explanation Mar. 1.2014 Cash 3,00,000 10% Note o record the issue of 10% note for cash 3,00,000 Dec. 31, 2014 Interest expense ($300,000 10/100 10/12 months) From Mar to Dee 25,000 25,000 Interest o record the accrue interest on note Interest expense ($300,000 10/100 2/12 months) From Jan. to Mar. 1.2015 Feb. 5,000 Interest o record the accrue interest on Mar. 1, 2015 | 10%Note 000/5 Interest payable (S25.000+S5 60,000 30,000 Cash o record the 90,000 of first instalment with i

Explanation / Answer

Journal entries

Description Debit Credit Cash $40,000 To Common Stock $20,000 To paid in excess of par - common stock $20,000 (par value $1 so 20,000 @1 -= $20,000 in excess $40,000 - $20,000 = $20,000

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

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