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During its first year of operations, Blossom Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 Issued 80,500 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $37,700 for services rendered in helping the company to incorporate.

During its first year of operations, Blossom Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 Issued 80,500 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $37,700 for services rendered in helping the company to incorporate.

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter20: Corporations: Organization And Capital Stock
Section: Chapter Questions
Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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Intermediate Accounting 105

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During its first year of operations, Blossom Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 July 1 Issued 33,300 shares for cash at $8 per share. Sept. 1 Issued 62,100 shares for cash at $10 per share. (a) Issued 80,500 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $37,700 for services rendered in helping the company to incorporate. Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
Transcribed Image Text:During its first year of operations, Blossom Corporation had the following transactions pertaining to its common stock. Jan. 10 Mar. 1 July 1 Issued 33,300 shares for cash at $8 per share. Sept. 1 Issued 62,100 shares for cash at $10 per share. (a) Issued 80,500 shares for cash at $6 per share. Issued 5,000 shares to attorneys in payment of a bill for $37,700 for services rendered in helping the company to incorporate. Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation Debit Credit
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