hi, im having troubles with this exercise.. can you please help me.. Exercise 11

Question

hi, im having troubles with this exercise.. can you please help me..

Exercise 11-4 Windsor SLU issued 1,000 ordinary shares. Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a) The shares had a par value of 5 per share and were issued for a total of 46,400. (b) The shares had a stated value of 5 per share and were issued for a total of 46,400 (c) The shares had no par or stated value and were issued for a total of 46,400. (d) The shares had a par value of S per share and were issued to attorneys for services during incorporation valued at 46,400 (e) The shares had a par value of 5 per share and were issued for land worth 46,400 No. Account Titles and Explanation Debit Credit (a) Cash

Explanation / Answer

(a)

Cash A/c                 Dr        46,400

    To common stock a/c                 5000

     To PIC in excess of par a/c        41,400

(b)

Cash A/c            Dr 46,400

     To common stock a/c         5000

     To PIC in excess of stated value 41,400

(c )

Cash A/c            Dr 46,400

     To common stock a/c         46,400

(d)

Preliminary expenses A/c           Dr 46,400

    To common stock a/c                              5000

    To PIC in excess of par A/c                     41,400

(e)

Land A/c                  Dr 46,400

         To common stock a/c                              5000

        To PIC in excess of par A/c                     41,400

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