Prepare journal entries to record each of the following four separate issuances of stock. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash. 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. 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. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash.

1. Dr Cash $35,000

Cr Common Stock $20,000

Cr Paid-in Capital in excess of par value Common Stock $15,000

2.Dr Organization expenses $40,000

Cr Common stock $2,000

Cr Paid-in cap in excess of stated value Common Stock $38,000

3.Dr Organization expenses $40,000

Cr Common stock, no-par value $40,000

4. Dr Cash 60,000

Cr Preferred stock 50,000

Cr Paid-in cap in excess of par value, preferred stock 10,000

Explanation:

1. Based on the information given we told that they issued 4,000 shares of $5 par value of common stock for the amount of $35,000, which means that the transaction will be recorded as:

Dr Cash $35,000

Cr Common Stock $20,000

(4,000 Shares *$ 5 Par Value)

Cr Paid-in Capital in excess of par value Common Stock $15,000

($35,000-$20,000)

2.Since they issued 2,000 shares of no-par common stock estimated to be worth the amount of $40,000. This means that the transaction will be recorded as:

Dr Organization expenses $40,000

Cr Common stock $2,000

(2,000 Shares*$1 stated value)

Cr Paid-in cap in excess of stated value Common Stock $38,000

(40,000-2,000)

3. Based on the information given we were told that they issued 2,000 shares of no-par common estimated to be worth the amount of $40,000 in which the stock has no stated value, this means that the transaction will be recorded as.

Dr Organization expenses $40,000

Cr Common stock, no-par value $40,000

4. Based on the information given we were told that they issued 1,000 shares of $50 par value preferred stock for the amount of $60,000 which means that the transaction will be recorded as:

Dr Cash 60,000

Cr Preferred stock 50,000

(1,000 Shares *$50 par value)

Cr Paid-in cap in excess of par value, preferred stock 10,000

(60,000-50,000)

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.

answer; conceptual skills;