Sierra Systems completed the following stock issuance transactions Cick the icon

Question

Sierra Systems completed the following stock issuance transactions Cick the icon to view the transactions) Requirements 1. Journalize the transactions. Explanations are not required 2. How much paid-in capital did these transactionagenerate for Sierra Systems? Requirement 1. Journalize the transactions. Explanations are not required (Check your spelling carefully and do n enter par values as whole dollar amounts Record debits first, then credits Exclude explanations from any journal e May 19 Issued 1.100 shares of $3 par value common stock for cash of $10.00 per share Accounts Debit Credit Date May 19

Explanation / Answer

1) Journal Entries :-

2) Paid in Capital = $7700 + $62000 = $69700

Date Particulars Debit($) Credit($) May 19 Cash A/c Dr. (1100*$10) 11000 To Common Stock A/c (1100*$3) 3300 To Paid in Capital - Common Stock A/c 7700 Jun 3 Cash A/c Dr. 15000 To Preferred Stock A/c 15000 Jun 11 Equipment A/c Dr. 74000 To Common Stock A/c (4000*$3) 12000 To Paid in Capital - Common Stock A/c 62000

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