FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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11-02: On May 10, Pronghorn Corp. issues 2,200 shares of $4 par value common stock for cash at $14 per share.
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- 11-03: On June 1, Marin Inc. issues 1,200 shares of no-par common stock at a cash price of $5 per share. What is the journal entry for the issuance of the shares?arrow_forwardSubject :- Accountingarrow_forwardOn June 1, Larkspur, Inc. issues 1,100 shares of no-par common stock at a cash price of $8 per share.Journalize the issuance of the shares.arrow_forward
- Rodriguez Corporation issues 12,000 shares of its common stock for $236,000 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The stock has a $16 par value. 2. The stock has neither par nor stated value. 3. The stock has a $8 stated value. View transaction list Journal entry worksheet 2 3 Record the issue of 12,000 shares of $16 par value common stock for $236,000 cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journalarrow_forwardOn May 10, a company issued for cash 2,000 shares of no-par common stock (with a stated value of $5) at $14, and on May 15, it issued for cash 2,000 shares of $18 par preferred stock at $58. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank. May 10 May 15arrow_forwardOn May 10, a company issued for cash 1,600 shares of no-par common stock (with a stated value of $4) at $17, and on May 15, it issued for cash 2,000 shares of $17 par preferred stock at $61. Journalize the entries for May 10 and 15, assuming that the common stock is to be credited with the stated value. If an amount box does not require an entry, leave it blank.arrow_forward
- issua BE11.2 (LO 2), AP On May 10, Pilar Corporation issues 2,500 shares of $5 par value common stock for cash at $13 per share. Journalize the issuance of the stock. Prepare entries for issuance of no-par value common stock.arrow_forwardQuestion. 2arrow_forwardPina Colada Inc. issues 4,650 shares of $100 par value preferred stock for cash at $145 per share.Journalize the issuance of the preferred stock. what is the title or explanation? what is debit or credit ?arrow_forward
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