Question

Prepare journal entries to record the following four separate issuances of stock.
1. A corporation issued 4,000 shares of $ 5 par value common stock for $ 35,000 cash.
2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $ 40,000. The stock has a $ 1 per share stated value.
3. A corporation issued 2,000 shares of no- par common stock to its promoters in exchange for their efforts, estimated to be worth $ 40,000. The stock has no stated value.
4. A corporation issued 1,000 shares of $ 50 par value preferred stock for $ 60,000 cash.



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  • CreatedNovember 26, 2013
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