During its first year of operations, Foyle Corporation had the following transac
ID: 2486168 • Letter: D
Question
During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.
Jan.
10
Issued 66,000 shares for cash at $6 per share.
July
1
Issued 44,500 shares for cash at $10 per share.
Journalize the transactions, assuming that the common stock has a par value of $6 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10July 1
Jan. 10July 1
SHOW LIST OF ACCOUNTS
LINK TO TEXT
Journalize the transactions, assuming that the common stock is no-par with a stated value of $2 per share. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 10July 1
Jan. 10July 1
During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.
Jan.
10
Issued 66,000 shares for cash at $6 per share.
July
1
Issued 44,500 shares for cash at $10 per share.
Explanation / Answer
JOURNAL ENTRIES
Date Account Title & Explanation Debit Credit Jan-10 Cash A/c Dr. 396000 To Common Stock 396000 (Being 66,000 shares issued @ $6 ) Jul-01 Cash A/c Dr. 445000 To Common Stock 267000 To Securities Premium 178000 (Being 44,500 shares issued @ $10 having face value $6 ) Jan-10 Cash A/c Dr. 396000 To Common Stock 132000 To Securities Premium 264000 (Being 66,000 shares issued @ $6 having par value $ 2) Jul-01 Cash A/c Dr. 445000 To Common Stock 89000 To Securities Premium 356000 (Being 44,500 shares issued @ $10 having par value $ 2)Related Questions
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