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httpsyedügen.wileyplus.com/edugen/lti/main.uni orted From lE ChattState Lbrary elearnMyahs Myftlab Chuntate Gtia Kimmel, Accounting, 6e Exercise 11-1 During its first year of operations, Swifty Corporation had these transactions pertaining to its common stodk Jan. 10 Issued 27,100 shares for cash at s6 per share. July 1 Issued 60,500 shares for cash at $7 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $6 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of s3 per share (Record journal entries in the order presented in the problem. Credit account titles are automaticaly indenti manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Debit Credit Date Account Titles and Explanation No.Explanation / Answer
a)
B)
Jan-10 Cash (27,100*$6) $ 162,600 Common stock (27,100*$6) $ 162,600 (to record issue of 27,100 common stock with a par value of $6) Jul-01 Cash (60,500*$7) $ 423,500 Common stock (60,500*$6) $ 363,000 Additional paid in capital (60,500*$1) $ 60,500 (to record issue of 27,100 common stock with a par value of $6)Related Questions
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