edugen.wileyplus.com WeßWorK : 2018 Spring.Ferguson MTHOB EO1 Return to Blackboa

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edugen.wileyplus.com WeßWorK : 2018 Spring.Ferguson MTHOB EO1 Return to Blackboard Accounting Principles, (Custom Bronx Community College Edition) ment PRINTER VERSION Exercise 13-4 Osage Corporation issued 3,300 shares of stock. Prepare the entry for the issuance under the following essumptions. (Credit account titles are automatically indented whe entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,650.) (a) The stock had a par value of $7 per share and was issued for a total of $40,500 (b) The stock had a stated value of $7 per share and was issued for a total of $40,soo. (e) The stock had no par or stated value and was issued for a total of $40,500. (d) The stock had a par value of $7 per share and was issued (e) The stock had a par value of $7 per share and was issued for land worth $40,500 to attorneys for services during incorporation valued at $40,500. No. Account Titles and Explanation Debit Credit s Policx .2900:201DehnwileybSos.Inc. Ali Rights Reserved. A Division of 2am yer & Sons.inc. 1

Explanation / Answer

Solution: Following is the required journal entries:

Particulars Debit ($) Credit ($) (a) Cash 40,500 Common stock (7*3300) 23,100 Paid in capital in excess of par - common stock 17,400 (b) Cash 40,500 Common stock 23,100 Paid in capital in excess of stated value- common stock 17,400 (c) Cash 40,500 Common stock 40,500 (d) Organisation Expense 40,500 Common stock 23,100 Paid in capital in excess of stated value-common stock 17,400 (e) Land 40,500 Common stock 23,100 Paid in capital in excess of stated value-common stock 17,400

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