US Weygandt, Financial Account ing: IFRS, 3e s Practice Assignment Gradebook ORI

Question

US Weygandt, Financial Account ing: IFRS, 3e s Practice Assignment Gradebook ORION Downloadable eTextbook ssignment CES Exercise 11-4 Vaughn SLU issued 1,700 ordinary shares. Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) The shares had a par value of 7 per share and were issued for a total of 49,600 b) The shares had a stated value of 7 per share and c) The shares had no par or stated value and were issued for a total of 49,600. were issued for a total of 49,600. d) The sha dy during incorporation valued at 49,600 (e) The shares had a par value of C7 per share and were issued for land worth 49,600 No. Account Titles and Explanation Debit Credit ivacyPolicy |? All Rights Reserved. A Division of John Wiley & Sons.Inc.

Explanation / Answer

No Account titles & Explanations Debit Credit a) Cash 49,600 common stock (1700*7) 11900 paid in capital in excess of par 37,700 b) Cash 49,600 common stock (1700*7) 11900 paid in capital in excess of stated value 37,700 c) Cash 49,600 Common stock 49,600 d) organizational expense 49,600 common stock 11,900 paid in capital in excess of par 37,700 e) Land 49,600 common stock 11,900 paid in capital in excess of par 37,700

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