E15-1 (LO1) Recording the Issuances of Common Stock During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Date No. of Shares Issued Issued for Amount Jan. 10 80,000 Cash $ 6.00 per share Mar. 1 5,000 To attorneys in payment of a bill for services rendered in helping the company to incorporate 35,000 in total Jul. 1 30,000 Cash 8.00 per share Sept. 1 60,000 Cash 10.00 per share Instructions: (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.
E15-1 (LO1) Recording the Issuances of Common Stock During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Date No. of Shares Issued Issued for Amount Jan. 10 80,000 Cash $ 6.00 per share Mar. 1 5,000 To attorneys in payment of a bill for services rendered in helping the company to incorporate 35,000 in total Jul. 1 30,000 Cash 8.00 per share Sept. 1 60,000 Cash 10.00 per share Instructions: (a) Prepare the journal entries for these transactions, assuming that the common stock has a par value of $5 per share.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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| E15-1 (LO1) Recording the Issuances of Common Stock | ||||||
| During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. | ||||||
| Date | No. of Shares Issued | Issued for | Amount | |||
| Jan. 10 | 80,000 | Cash | $ 6.00 | per share | ||
| Mar. 1 | 5,000 | To attorneys in payment of a bill for services rendered in helping the company to incorporate | 35,000 | in total | ||
| Jul. 1 | 30,000 | Cash | 8.00 | per share | ||
| Sept. 1 | 60,000 | Cash | 10.00 | per share | ||
| Instructions: | ||||||
| (a) | Prepare the |
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