Rodriguez Corporation issues 9,000 shares of its common stock for $186,500 cash

Question

Rodriguez Corporation issues 9,000 shares of its common stock for $186,500 cash on February 20. Prepare journal entries to record this event under each of the following sepaae situations. 1. The stock has a $16 par value. 2. The stock has neither par nor stated value 3. The stock has a $8 stated value. View transaction list Journal entry worksheet 3 Record the issue of 9,000 shares of $16 par value common stock for $186,500 cash. Note: Enter debits before credits. Transactio General Journal Debit Credit Record entry Clear entry View general journal

Explanation / Answer

Transaction General Journal Debit Credit 1 Cash 1,86,500 Common stock, $16 par value 1,44,000 Paid-in capital in excess of par value, common stock 42,500 2 Cash 1,86,500 Common stock, no-par value 1,86,500 3 Cash 1,86,500 Common stock, $8 stated value 72,000 Paid-in capital in excess of stated value, common stock 1,14,500

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