During its first year of operations, Ayayai Corp. had these transactions pertain
ID: 2579566 • Letter: D
Question
During its first year of operations, Ayayai Corp. had these transactions pertaining to its common stock.
(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.)
No.
Date
Account Titles and Explanation
Debit
Credit
Open Show Work
Jan. 10 Issued 25,000 shares for cash at $4 per share. July 1 Issued 50,000 shares for cash at $7 per share.Explanation / Answer
No. Date Accounts titles and explanation Debit Credit (a) Jan. 10 Cash 100,000 (25,000*4) Common stock (par) 100,000 July 1 Cash 350,000 (50,000*7) Common stock (par) 200,000 (50,000*4) Additional paid in capital (excess of par) 150,000 (50,000*3) (b) Jan. 10 Cash 100,000 (25,000*4) Common stock (no par value) 100,000 July 1 Cash 350,000 (50,000*7) Common stock (no par value) 350,000
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