Question: Prepare the issuer's journal entry for each separate transaction. (Omit the $ sign in your response.) (a) On March 1, Edgar Co. issues 44,500 shares
| Prepare the issuer's journal entry for each separate transaction. (Omit the "$" sign in your response.) |
| (a) | On March 1, Edgar Co. issues 44,500 shares of $4 par value common stock for $255,000 cash. |
| Date | General Journal | Debit | Credit |
| Mar. 1 | (Click to select)Rent expensesIssued capital, at par valueRetained earningsCommon stockAccounts receivableCommon stock dividend distributableContributed capital in excess of par value, common stockCash | ||
| (Click to select)Retained earningsRent expensesContributed capital in excess of par value, common stockCommon stock dividend distributableAccounts payableIssued capital, at par valueCommon stockCash | |||
| (Click to select)Rent expensesAccounts payableContributed capital in excess of par value, common stockCommon stockRetained earningsCommon stock dividend distributableCashIssued capital, at par value | |||
| (b) | On April 1, GT Co. issues no-par value common stock for $50,000 cash. |
| Date | General Journal | Debit | Credit |
| Apr. 1 | (Click to select)Accounts receivableCashIssued capital, at par valueCommon stock, no-par valueRetained earningsRent expensesCommon stock dividend distributableContributed capital in excess of par value, common stock | ||
| (Click to select)Rent expensesCashAccounts receivableCommon stock dividend distributableRetained earningsCommon stock, no-par valueContributed capital in excess of par value, common stockIssued capital, at par value | |||
| (c) | On April 6, MTV issues 2,000 shares of $20 par value common stock for $35,000 of inventory, $135,000 of machinery, and acceptance of an $84,000 note payable. |
| Date | General Journal | Debit | Credit |
| Apr. 6 | (Click to select)Note payableCommon stockMachineryInventoryAccounts payableRent expensesContributed capital in excess of par value, common stockCash | ||
| (Click to select)Contributed capital in excess of par value, common stockAccounts payableMachineryRent expensesNote payableCashInventoryCommon stock | |||
| (Click to select)Note payableCommon stockMachineryAccounts payableCashContributed capital in excess of par value, common stockRent expensesInventory | |||
| (Click to select)Note payableCashContributed capital in excess of par value, common stockCommon stockInventoryMachineryRent expensesAccounts payable | |||
| (Click to select)Common stockInventoryMachineryNote payableContributed capital in excess of par value, common stockRent expensesAccounts payableCash | |||
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