E15-1 During its first year of
operations, Collin Raye Corporation had the following transactions pertaining
to its common stock.
Jan. 10 Issued 80,000 shares
for cash at $6 per share.
Mar. 1 Issued 5,000 shares
to attorneys in payment of a bill for $35,000 for services rendered in
helping the company to incorporate.
July 1 Issued 30,000 shares
for cash at $8 per share.
Sept. 1 Issued 60,000 shares
for cash at $10 per share.
(a) Prepare the journal entries
for these transactions, assuming that the common stock has a par value of
$5 per share.
(b) Prepare the journal entries
for these transactions, assuming that the common stock is no-par with a stated
value of $3 per share.
(Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and enter
0 for the amounts.)
Date Account Titles and
Explanation Debit Credit
(a) Jan. 10
Mar. 1
July 1
Sept. 1
(b) Jan. 10
Mar. 1
July 1
Sept. 1
TUTORIAL PREVIEW
Date
|
Account Titles and Explanation
|
Debit
|
Credit
| |
(a)
|
Jan. 10
|
Cash (80,000 X $6)
|
480,000
| |
Common Stock (80,000 X $5)
|
400,000
| |||
Paid-in Capital in Excess of Par— Common Stock
|
80,000
|
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