ezto.mteducation.com/hm.tpx Hormel Brooklyn Col AOL Mail (23) pupil ath Dayforce
ID: 2598604 • Letter: E
Question
ezto.mteducation.com/hm.tpx Hormel Brooklyn Col AOL Mail (23) pupil ath Dayforce HCM DdLC Conamer Servic m Mercan p Rodriguez Corporation issues 7,000 shares of its common stock for $152,400 cash on February 20 1. Assume the stock has a $16 par value, Prepare journal entries to record this event. View transaction list Journal entry worksheet Record the issue of 7,000 shares of $16 par value common stock for $152,400 cash Note: Enter debits before credits Date General Journal Debit Credit Feb. 20 Record entry Clear entry View general journal pe here to searchExplanation / Answer
Answer:
Transaction
General Journal
Debit
Credit
1
Cash
152,400
Common stock, $16 par value (7000*16)
112,000
Paid-in capital in excess of par value, common stock
(152400-112000)
40,400
2
Cash
152,400
Common stock, no-par value
152,400
3
Cash
152,400
Common stock, $8 stated value (7000*8)
56,000
Paid-in capital in excess of stated value, common stock(152400-56000)
96,400
Transaction
General Journal
Debit
Credit
1
Cash
152,400
Common stock, $16 par value (7000*16)
112,000
Paid-in capital in excess of par value, common stock
(152400-112000)
40,400
2
Cash
152,400
Common stock, no-par value
152,400
3
Cash
152,400
Common stock, $8 stated value (7000*8)
56,000
Paid-in capital in excess of stated value, common stock(152400-56000)
96,400
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