Question

rodriguez corporation issues 6,000 shares of its common stock for $108,300 cash on february 20. prepare journal entries to record this event under each of the following separate situations. the stock has a $14 par value.the stock has neither par nor stated value.the stock has a $7 stated value.

Answer 1

The journal entries to record this event under each of the following separate situations.

A Journal entry is a record of the commercial enterprise transactions inside the accounting books of a enterprise. A well documented journal entry consists of the ideal date, amounts to be debited and credited, description of the transaction and a unique reference wide variety. A journal entry is the first step within the accounting cycle.

Journal entry

No account and explanation Debit Credit

a Cash 54200  

 Common Stock (6000*6)   36000

 Paid in Capital in excess of par value-Common Stock   18200

     

b Cash 54200  

 Common Stock   54200

     

c Cash 54200  

 Common Stock (6000*3)   18000

 Paid in Capital in excess of stated value-Common Stock   36200

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