E15-1 - E15-1 (Recording the Issuances of Common Stock)...

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E15-1 (Recording the Issuances of Common Stock) During its first year of operations, Sitwell 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 attorney 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 $3 per share. ( amounts are the same list alphabetically.) Date Description/Account Jan. 10 Cash Common Stock Paid-in Capital in Excess of Par Mar. 1 Organization Expense Paid-in Capital in Excess of Par Common Stock July 1 Cash Paid-in Capital in Excess of Par Common Stock Sept. 1 Cash Paid-in Capital in Excess of Par Common Stock (b) Prepare the journal entries for these transactions, assuming that the common from largest to smallest amount, e.g. 10, 5, 2.)
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This note was uploaded on 03/25/2012 for the course ACCT 102 taught by Professor Benz during the Spring '12 term at CUNY Baruch.

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E15-1 - E15-1 (Recording the Issuances of Common Stock)...

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