Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 3,000 shares of $10 par value common stock for $36,000 cash. 2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $46,000. The stock has a $3 per share stated value. 3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $46,000. The stock has no stated value. 4. A corporation issued 750 shares of $75 par value preferred stock for $102,250 cash.

Required information [The following information applies to the questions displayed below.] Following are the issuances of stock transactions. 1. A corporation issued 3,000 shares of $10 par value common stock for $36,000 cash. 2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $46,000. The stock has a $3 per share stated value. 3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $46,000. The stock has no stated value. 4. A corporation issued 750 shares of $75 par value preferred stock for $102,250 cash.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 3PA: The following selected accounts appear in the ledger of EJ Construction Inc. at the beginning of the...

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Question

Oo.135.

Subject :- Account

1.
Analyze each transaction from issuances of stock by showing its effect on the accounting equation-specifically, identify the accounts.
and amounts (including + or -) for each transaction.
1.
2
2
2
3.
3.
4
Required information
[The following information applies to the questions displayed below.]
Following are the issuances of stock transactions..
1. A corporation issued 3,000 shares of $10 par value common stock for $36,000 cash.
2. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $46,000. The stock has a $3 per share stated value.
4.
3. A corporation issued 1,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated
to be worth $46,000. The stock has no stated value.
4. A corporation issued 750 shares of $75 par value preferred stock for $102,250 cash.
Assets
M
#
M
=
M
Liabilities
Accounts payable
Accounts receivable
Accumulated depreciation-Building
Accumulated depreciation-Equipment
+

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