Journalize the transactions, assuming that the common stock is no-par with a sta

Question

Journalize the transactions, assuming that the common stock is no-par with a stated value of $2 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 0 for the amounts.)

During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.
Jan. 10 Issued 66,000 shares for cash at $6 per share. July    1 Issued 44,500 shares for cash at $10 per share.

Explanation / Answer

a 10-Jan Cash 396000 =66000*6        Common stock 396000 1-Jul Cash 445000 =44500*10        Common stock 267000 =44500*6        Paid in capital in excess of par-Common stock 178000 b 10-Jan Cash 396000 =66000*6        Common stock 132000 =66000*2        Paid in capital in excess of stated value-Common stock 264000 1-Jul Cash 445000 =44500*10        Common stock 89000 =44500*2        Paid in capital in excess of par-Common stock 356000

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