Exercise 11-3 Recording stock issuances L.O. P1
[The following information applies to the questions displayed below.]Prepare journal entries to record the following four separate issuances of stock.
1.
A
corporation issued 2,500 shares of no-par common stock to its promoters
in exchange for their efforts, estimated to be worth $35,000. The stock
has no stated value.
2.
A
corporation issued 2,500 shares of no-par common stock to its promoters
in exchange for their efforts, estimated to be worth $35,000. The stock
has a $1 per share stated value.
3.
A corporation issued 5,000 shares of $10 par value common stock for $60,000 cash.
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