1. A corporation issued 8,000 shares of $20 par value common stock for $192,000

Question

1. A corporation issued 8,000 shares of $20 par value common stock for $192,000 cash 2. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $57,000. The stock has a $1 per share stated value 3. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $57,000. The stock has no stated value 4. A corporation issued 2,000 shares of $100 par value preferred stock for $257,000 cash Transaction General Journal Debit 192,000 160,000 32,000 Credit Cash Common stock, $20 par value Paid-in capital in excess of par value, Common stock Cash Common stock, no-par value Paid-in capital in excess of stated value, common stock 57,000 4,000 4,000 Cash Common stock, no-par value Paid-in capital in excess of stated value, common stock 57,000 4,000 4,000 4 4 Cash Preferred stock, $100 par value Paid-in capital in excess of par value, preferred stock 257,000 Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted

Explanation / Answer

Journal entry :

Date accounts & explanation debit Credit Cash 192000     Common stock (8000*20) 160000      Paid in capital in excess of par value-common stock 32000 Organisation fees 57000      Common stock (4000*1) 4000      Paid in capital in excess of stated value-common stock 53000 Oragnisation fees 57000      Common stock 57000 Cash 257000      Preferred stock (2000*100) 200000      Paid in capital in excess of par value-preferred stock 57000

Related Questions

Navigate

• Browse (All)
• Browse 1
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.