Rodriguez Corporation issues 13,000 shares of its common stock for $130,900 cash

Question

Rodriguez Corporation issues 13,000 shares of its common stock for $130,900 cash on February 20 Prepare journal entries to record this event under each of the following separate situations 1. The stock has a $8 par value. 2. The stock has neither par nor stated value. 3. The stock has a $4 stated value. view transaction list view general journal Journal Entry Worksheet 023 Record the issue of 13,000 shares of $8 par value common stock for $130,900 cash. Transactio General Journal Debit Credit *Enter debits before credits done clear entry record entry

Explanation / Answer

Answer 1

At Par value of $ 8

Account Name Debit Credit

Cash a/c 130900

Common STock 104000

Paid-in Capital in Excess of Par Value 26900

(par value of share is $ 8)   

Answer 2 Nither Par Value nor stated Value

  

  

Account Name Debit Credit

Cash a/c 130900

Common STock 130900

Answer -3 Stated Value $ 4

Account Name Debit Credit

Cash a/c 130900

Common Stock 52000

Paid-in Capital in Excess of Stated Value 78900

(stated Value of Share is $ 4)

  

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