2 11.11 points Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,000. The stock has a $1 per share stated value. 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,000. The stock has no stated value. 4. A corporation issued 1,750 shares of $100 par value preferred stock for $216,000 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. 1. Cash NNN 3. Assets Liabilities Common Stock, $20 Par Value Equity

2 11.11 points Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 7,000 shares of $20 par value common stock for $168,000 cash. 2. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,000. The stock has a $1 per share stated value. 3. A corporation issued 3,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $41,000. The stock has no stated value. 4. A corporation issued 1,750 shares of $100 par value preferred stock for $216,000 cash. Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. 1. Cash NNN 3. Assets Liabilities Common Stock, $20 Par Value Equity

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 5MCQ

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Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 2,000 shares of $10 par value common stock for $24,000 cash. 2. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $47,500. The stock has a $5 per share stated value. 3. A corporation issued 1,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $47,500. The stock has no stated value. 4. A corporation issued 500 shares of $75 par value preferred stock for $85,000 cash. Prepare journal entries to record each of the following four separate issuances of stock. i View transaction list View journal entry worksheet No A Transaction General Journal Cash Common stock, $10 par value Paid-in capital in excess of stated value, common stock Debit 24,000 Credit 20,000 4,000 Ⓒ
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ed es Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 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. Prepare journal entries to record each of the following four separate issuances of stock.
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