Acc226 Fundamental of Accounting Principles: Exercise 13-3 Recording Stock Issuances

Acc226 Fundamental of Accounting Principles
Exercise 13-3 Recording Stock Issuances
Prepare journal entries to record the following four separate issuances of stock:
1. Two thousand shares of no-par common stock are issued to the corporation’s promoters in exchange for their efforts, estimated to be worth $30,000. The stock has no stated value.
2. Two thousand shares of no-par common stock are issued to the corporation’s promoters in exchange for their efforts, estimated to be worth $30,000. The stock has a $1 per share stated value.
3. Four thousand shares of $10 par value common stock are issued for $70,000 cash.
4. One thousand shares of $100 par value preferred stock are issued for $120,000 cash.
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