3 years ago

Prepare journal entries to record the following four separate issuances of stock.

Business

1 answer:

Dimas [21]3 years ago

5 0

Answer:

A journal entry was prepared for the for questions given, the records entered is shown below in the explanation section

Explanation:

Solution

JOURNAL ENTRIES

(1) Cash $144,000

Common stock (6000 *20) $120,000

Excess capital paid

(144000-120000) $24,000

(2) Organisation expense $41,000

Common stock (3000 *1) $3,000

Excess capital paid

(41000-3000) $38,000

(3) Organisation expense $41,000

common stock

(3000 shares worth $41000 issued) $41,000

(4) Cash $116,000

Preferred stock (1500 *50) $75,000

Excess capital paid (116000-75000) $41,000

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