STOCK PROMOTERS
STOCK PROMOTERS
Please help- recording STOCK ISSUANCES I don’t understand this?
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.
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
Dr Organizations Costs (Promoters' fees) $30,000
Cr Common stock $30,000
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
Dr Organizations Costs (Promoters' fees) $30,000
Cr Common stock $2,000
Cr Additional paid-up in excess of stated value $28,000
3.Four thousand shares of $10 par value common stock are issued for $70,000 cash
Dr Cash $70,000
Cr Common stock $40,000
Cr Additional paid-up in excess of par $30,000
4.One thousand shares of $100 par value preferred stock are issued for $120,000 cash
Dr Cash $120,000
Cr Preferred stock $100,000
Cr Additional paid-up in excess of par (preferred) $20,000
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