Weygandt, Financial Accounting, 10e 2,630 shares of Prepare the entry f the suan

Question

Weygandt, Financial Accounting, 10e 2,630 shares of Prepare the entry f the suance under the folowing acsumptions. (Credit acceont titles are astomatically indented whew amount isdere. Do not indent mancally Rould answers to decinal place, eo, s67szrne entry is repand, selnd "No tatry-for the acou? mm and enter for the amounts) (a) The stock had a par valae of $4.50 per share and wa Inssed for a total of 149 s0 ) The shock had a stabed value of se.50 per share and was issued for a boa o $49,500 msoo. (d) The stock had par vdue of 14.50 per share and "s ?ued to attorneys for services dwing-poration wuknd (e) The stook had a par vale of $450 per share and was ioued for land worth $49,500

Explanation / Answer

Journal entries: S.no. Accounts title and explanation Debit $ Credit $ a Cash account Dr. 49500     Common Stock capital (2650*4.50) 11925      Additional paid in capital 37575 b. Cash account Dr. 49500     Common Stock capital (2650*4.50) 11925      Additional paid in capital 37575 c. Cash account Dr. 49500     Common Stock capital Account 49500 d. Pre-Incorporation expense Account Dr. 49500     Common Stock capital (2650*4.50) 11925      Additional paid in capital 37575 e. Land Account Dr. 49500     Common Stock capital (2650*4.50) 11925      Additional paid in capital 37575

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.