Exercise 11-1 Your answer is pertielly correct. Try again. During its fist year

Question

Exercise 11-1 Your answer is pertielly correct. Try again. During its fist year of operations, Flint Corporation had these transactions pertaining to its common stock an. 10 Issued 26,900 shares for cash at $4 per share. uly 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 tra sactions, assuming that thc common stock is no-par with 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 O for the amounts.) No. Date Account Titles and Explanatiorn (a) an, 10 Credit 07600 Common Stock 107600 July 1 416500 Common Stock 238000 Paid-in Capital in Excess of Par V 178500 (b) Jan. 10 Common Stock 26900 Paid-in Capital in Excess of Par July 1 416500 Common Stock Paid-in Capital in Excess of Par Click if you would like to Show Work for this question: Qen Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT Question Attempts 3 of 5 used SAVE FOR LATER

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit jan 10 cash a/c 107600     Common stock 107600 July 1 cash 416500       Common stock 238000       Paid in capital in excess of par value-common stock 178500 Jan 10 cash 107600     Common stock 53800     Paid in capital in excess of stated value-common stock 53800 July 1 cash a/c 416500        Common stock 119000        Paid in capital in excess of stated value-common stock 297500

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