Several independent transactions are as follows: 1. 10,000 shares of no-par common stock are issued for $50
Question:
Several independent transactions are as follows:
1. 10,000 shares of no-par common stock are issued for $50 per share.
2. 10,000 shares of $1 par value common stock are issued for $40 per share.
3. 10,000 shares of $10 par value common stock are issued for $30 per share.
4. 5,000 shares of no-par preferred stock are issued for $80 per share.
INSTRUCTIONS:
a. Prepare journal entries for each transaction.
b. What is the significance of par value from a financial accounting standpoint? Is par value significant in any economic sense?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a 1 Cash 500000 Common stock 500000 10000 x 50 per share ...View the full answer
Answered By
Abdullah Waseem
Hello! I’m Abdullah Waseem! I have completed my graduation in Accounting & Finance from the University of Central Punjab, Lahore. I specialize in Finance, Accounting, Business, Management, Marketing, and Auditing. I have many experiences working as a content developer/writer. I have completed many projects for my clients and I have completed many assignments/expert questions for students globally. I always look for opportunities and for better growth. I’m sure that I will work efficiently with your online website. I have been online tutoring since I was doing my degree. I've helped so many students achieve their academic goals year after year. I always feel good while tutoring the students and providing help to complete their requirements. I can help you in completing the assignments and different projects. I am looking forward to working for you and being able to meet your work requirements and hope to work with you soon as well.
0 Reviews
10+ Question Solved
Related Book For 
Question Posted:
