Part 2. Common Stock On July 2, SpaceShifter Inc. issued 62,000 shares of $3.00

Question

Part 2. Common Stock

On July 2, SpaceShifter Inc. issued 62,000 shares of $3.00 par value common stock.

Prepare the journal entry if the shares are issued for $10.00 per share. Enter your answers in the shaded boxes.

General Journal

Date

Account Names

Debit

Credit

Jul. 2

To record sale of stock

Prepare the journal entry if the shares are issued for $6.00 per share. Enter your answers in the shaded boxes.

General Journal

Date

Account Names

Debit

Credit

Jul. 2

To record sale of stock

General Journal

Date

Account Names

Debit

Credit

Jul. 2

To record sale of stock

Explanation / Answer

1- cash debit     620000

credit common stock    186000

credit additional paid in capital 434000

2- cash debit     372000

credit common stock    186000

credit additional paid in capital 186000

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