\"(ACRC Website El Yahoo Mail eBay ok CALCULATOR FULL SCREEN PRINTER VERSION -BA

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"(ACRC Website El Yahoo Mail eBay ok CALCULATOR FULL SCREEN PRINTER VERSION -BAC- Exercise 11-1 During its first year of operations, Jan. 10 Issued 30,000 shares for cash at $5 per share. During its frst year of operaions, Mona Corporation had these transactions pe rtaiming to its common stock. July 1 Issued 60,000 shares for cash at $7 per share. (a) Jourmalize the transactions, assuming that the common stock has a par value of s5 per share. (b) Jounalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. ries in the order presented in the problem. Credit account titles are automatically indented when amount is titles and enter O for the amounts.) Do not indent manually. If no entry is required, select "No Entry for the account No. Date Account Titles and Explanation Debit Credit

Explanation / Answer

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Jan-10 Cash (30,000*$5) $ 150,000 Common stock (30,000*$5) $ 150,000 (to record issue of 30,000 common stock with a par value of $5) Jul-01 Cash (60,000*$7) $ 420,000 Common stock (60,000*$5) $ 300,000 Additional paid in capital (60,000*$2) $ 120,000 (to record issue of 60,000 common stock with a par value of $5)

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