Exercise 11-3 During its first year of operations, Foyle Corporation had the fol
ID: 2510002 • Letter: E
Question
Exercise 11-3 During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock. Jan 10 Issued 75,000 shares for cash at $6 per share July Issued 41,000 shares for cash at $9 per share. Your answer is correct. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit an. 10 Cash 450000 Common Stock 450000 Duly 1 Cash 369000 Paid-in Capital in Exces 123000 Common Stock 246000Explanation / Answer
Date
Particular
Debit
Credit
10-Jan
Cash Dr
$ 4,50,000.00
Common stock Cr
$ 75,000.00
Paid in capital in excess of stated value
$ 3,75,000.00
01-Jul
Cash Dr
$ 3,69,000.00
Common stock Cr
$ 41,000.00
Paid in capital in excess of stated value
$ 3,28,000.00
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Date
Particular
Debit
Credit
10-Jan
Cash Dr
$ 4,50,000.00
Common stock Cr
$ 75,000.00
Paid in capital in excess of stated value
$ 3,75,000.00
01-Jul
Cash Dr
$ 3,69,000.00
Common stock Cr
$ 41,000.00
Paid in capital in excess of stated value
$ 3,28,000.00
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