Short Exercise 12-6 (Algorithmic) Issuance of Stock Rattich Company is authorize

Question

Short Exercise 12-6 (Algorithmic) Issuance of Stock Rattich Company is authorized to issue 100,000 shares of common stock. The company sold 2,200 shares at $12 per share. Hide Prepare journal entries to record the sale of stock for cash under each of the following independent alternatives 1. The stock has a par yalve of $5. 2. The stock has no par value but a ptated value of $1 per share. If an amount box does not require an entry, leave it blank ed 2,200 shares of $5 par value common stock at $12 per share Issued 2,200 shares of $1 stated value common stock at $12 per share o- Icon Key 1short Exercise 12-06 Alperithmic MacBoolk ?0 F3 43 F7 F1 F2 F4 F5 F6

Explanation / Answer

12-6) Journal entry :

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Date accounts & explanation debit credit Cash (2200*12) 26400     Common stock (2200*5) 11000      Paid in capital in excess of par value-Common stock 15400 (To record issue common stock) Cash 26400      Common stock (2200*1) 2200      Paid in capital in excess of stated value-Common stock 24200 (To record issue common stock)

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