Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following...

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Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 8,000 shares of $20 par value common stock for $192,000 cash. 2. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has a $1 per share stated value. 3. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has no stated value. 4. A corporation issued 2,000 shares of $75 par value preferred stock for $193,500 cash. Journal entry worksheet < A B Transaction 1 C Record the issue of 8,000 shares of $20 par value common stock for $192,000 cash. Note: Enter debits before credits. Record entry D General Journal Clear entry Debit Credit View general journal Journal entry worksheet A B Transaction 3 с Record the issue of 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has no stated value. Note: Enter debits before credits. Record entry D General Journal Clear entry Debit Credit View general journal Journal entry worksheet < A B Transaction 4 с Record the issue of 2,000 shares of $75 par value preferred stock for $193,500 cash. Note: Enter debits before credits. Record entry D General Journal Clear entry Debit Credit View general journal Exercise 11-4 Recording stock issuances LO P1 Prepare journal entries to record each of the following four separate issuances of stock. 1. A corporation issued 8,000 shares of $20 par value common stock for $192,000 cash. 2. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has a $1 per share stated value. 3. A corporation issued 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has no stated value. 4. A corporation issued 2,000 shares of $75 par value preferred stock for $193,500 cash. Journal entry worksheet < A B Transaction 1 C Record the issue of 8,000 shares of $20 par value common stock for $192,000 cash. Note: Enter debits before credits. Record entry D General Journal Clear entry Debit Credit View general journal Journal entry worksheet A B Transaction 3 с Record the issue of 4,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,500. The stock has no stated value. Note: Enter debits before credits. Record entry D General Journal Clear entry Debit Credit View general journal Journal entry worksheet < A B Transaction 4 с Record the issue of 2,000 shares of $75 par value preferred stock for $193,500 cash. Note: Enter debits before credits. Record entry D General Journal Clear entry Debit Credit View general journal

Answer rating: 100% (QA)

Transaction 1 2 3 Cash General Journal Common stock 20 par value Paidin capital i... View the full answer