Business, 18.05.2021 19:10 alyssawilliams4

Stock Issuance (Par, No-Par, and Stated Value) The following independent stock transactions occurred during January 20-- for Various Corporations: (a) Issued 5,800 shares of $10 par common stock for $58,000 cash. (b) Issued 3,800 shares of $10 par common stock for $49,000 cash. (c) Issued 4,900 shares of no-par common stock for $54,100 cash. (d) Issued 3,900 shares of no-par common stock for $41,500 cash. (e) Issued 6,300 shares of no-par common stock with a stated value of $8 per share for $50,400 cash. (f) Issued 2,700 shares of no-par common stock with a stated value of $8 per share for $22,800 cash. Prepare general journal entries for these stock transactions, identifying each transaction by letter. If an amount box does not require an entry, leave it blank.

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Answer from: kittey7854

Various Corporations

Journal Entries:

(a) Debit Cash $58,000

Credit Common stock $58,000

To record the issuance of 5,800 shares of $10 par common stock for $58,000 cash.

(b) Debit Cash $49,000

Credit Common stock $38,000

Credit Additional Paid-in Capital $11,000

To record the issuance of 3,800 shares of $10 par common stock for $49,000 cash.

credit Common stock $54,100

To record the issuance of 4,900 shares of no-par common stock for $54,100 cash.

(d) Debit Cash $41,500

Credit Common stock $41,500

To record the issuance of 3,900 shares of no-par common stock for $41,500 cash.

(e) Debit Cash $50,400

Credit Common stock $50,400

To record the issuance of 6,300 shares of no-par common stock with a stated value of $8 per share for $50,400 cash.

(f) Debit Cash $22,800

Credit Common stock $21,600

Credit Additional Paid-in Capital $1,200

To record the issuance of 2,700 shares of no-par common stock with a stated value of $8.

Explanation:

a) Data and Analysis:

(a) Cash $58,000 Common stock $58,000

Issued 5,800 shares of $10 par common stock for $58,000 cash.

(b) Cash $49,000 Common stock $38,000 Additional Paid-in Capital $11,000

Issued 3,800 shares of $10 par common stock for $49,000 cash.

Issued 4,900 shares of no-par common stock for $54,100 cash.

(d) Cash $41,500 Common stock $41,500

Issued 3,900 shares of no-par common stock for $41,500 cash.

(e) Cash $50,400 Common stock $50,400

Issued 6,300 shares of no-par common stock with a stated value of $8 per share for $50,400 cash.

(f) Cash $22,800 Common stock $21,600 Additional Paid-in Capital $1,200

Issued 2,700 shares of no-par common stock with a stated value of $8 per share for $22,800 cash.

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Stock Issuance (Par, No-Par, and Stated Value) The following independent stock transactions occurred...

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