Prepare journal entries to record the following four separate issuances of stock.

A corporation issued 9,000 shares of $10 par value common stock for $108,000 cash.
A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,000. The stock has a $1 per share stated value.
A corporation issued 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,000. The stock has no stated value.
A corporation issued 2,250 shares of $100 par value preferred stock for $268,000 cash.
Record the issue of 9,000 shares of $10 par value common stock for $108,000 cash.
Record the issue of 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,000. The stock has a $1 per share stated value.
Record the issue of 4,500 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $43,000. The stock has no stated value.
Record the issue of 2,250 shares of $100 par value preferred stock for $268,000 cash.
Note: Enter debits before credits.

Transaction General Journal Debit Credit
1

A journal entry was prepared in recording of four separate issuances odf stock has shown in the explanation section

Explanation:

Solution

We prepare a journal entries to record the following four separate issuances of stock.

JOURNAL ENTRIES

Scenario       Account Titles and                Debit             Credit

                             Explanation

(1)                          Cash                                 $108

                        Common stock                                      $90,000

                   Paid in capital in excess                          $18,000

(2)                        Formation expense        $43,000

                         Common stock                                      $4,500    

                 Paid in capital in excess stated                    $38,500

(3)                     Formation expense            $43,000

                         Common stock                                      $43,000

(4)                            Cash                            $268,000

                            Preferred stock                                $225,000

                Paid in capital in excess of

                              par   preferred                               $43,000

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