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

1. a corporation issued 4,000 shares of $5 par value common stock for $35,000 cash.

record the issue of 4,000 shares of $5 par value common stock for $35,000 cash.
date general journal debit
credit

1
2. a corporation issued 2,000 shared of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. the stock has a $1 per share stated value.

record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. the stock has a $1 per share stated value.
date general journal debit credit
1
3. a corportation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. the stock has stated no value.

record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. the stock has no stated value.
date general journal debit credit
1
4. a corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash.

record the issue of 1,000 shares of $50 par value preferred stock for $60,000 cash.
date general journal debit credit
1

1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash.

Account                                       Debit             Credit

Cash                                            $35,000

Common Stock                                                 $20,000

Additonal Paid-In Capital

in Excess of Par Value                                     $15,000

2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value.

Account                                       Debit             Credit

Promters Services Expense      $40,000

Common Stock                                                 $2,000

Additonal Paid-In Capital                                 $38,000

3. A corportation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has stated no value.

Account                                       Debit             Credit

Promters Services Expense      $40,000

Common Stock                                                 $40,000

4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash.

Account                                       Debit             Credit

Cash                                           $60,000

Preferred Stock                                                 $50,000

Additonal Paid-In Capital                                  $10,000

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