Your answer is partially correct. Try again. During its first year of operations

Question

Your answer is partially correct. Try again. During its first year of operations, Flint Corporation had these transactions pertaining to its common stock Jan. 10 Issued 26,900 shares for cash at $4 per share. July 1 Issued 59,500 shares for cash at $7 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $4 per share (b) 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 the amounts.) No. Date Account Titles and Explanation (a) Jan. 10Cash Debit Credit 26900 Common Stock 26900 July 1 :Cash Paid-in Capital in Excess of Par Value-Common Stock (b)Y Jan. 10 | |Cash Common Stock Paid-in Capital in Excess of Par Value-Preferred Stock July 1 Cash Common Stock Paid-in Capital in Excess of Par Value-Common Stock

Explanation / Answer

Jan-10 Cash 107600 =26900*4       Common stock 107600 Jul-01 Cash 416500 =59500*7       Common stock 238000 =59500*4        Paid in capital in excess of Par value-Common stock 178500 b Jan-10 Cash 107600       Common stock 53800        Paid in capital in excess of Stated value-Common stock 53800 Jul-01 Cash 416500       Common stock 119000        Paid in capital in excess of Stated value-Common stock 297500

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