ch15_sol

# ch15_sol - Name: Solution Date: Instructor: Course:...

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b4e522ab9b94d1b1e1a5748e90c5a99c0ceb3f83.xlsx, Exercise 15-1 Solution, Page 1 of 8, 03/29/2012, 01:32:32 Name: Solution Date: Instructor: Course: 01/10/12 Issued 80,000 shares for cash at \$6.00 per share. 03/01/12 Issued 5,000 shares to attorneys in payment of a bill for \$35,000 for services rendered in helping the company to incorporate. 07/01/12 Issued 30,000 shares for cash at \$8.00 per share. 09/01/12 Issued 60,000 shares for cash at \$10.00 per share. Instructions: value of \$3.00 per share. 01/10/12 Cash (80,000 shares × \$6.00 per share) 480,000 Common Stock (80,000 × \$3.00 par value) 240,000 Paid-in Cap in Excess of Par [80,000 × (\$6.00 - \$3.00)] 240,000 03/01/12 Organization Expense 35,000 Common Stock (5,000 × \$3.00 par value) 15,000 Paid-in Cap in Excess of Par [5,000 × (\$7.00 - \$3.00)] 20,000 07/01/12 Cash (30,000 shares × \$8.00 per share) 240,000 Common Stock (30,000 × \$3.00 par value) 90,000 Paid-in Cap in Excess of Par [30,000 × (\$8.00 - \$3.00)] 150,000 09/01/12 Cash (60,000 shares × \$10.00 per share) 600,000 Common Stock (60,000 × \$3.00 par value) 180,000 Paid-in Cap in Excess of Par [60,000 × (\$10.00 - \$3.00)] 420,000 with a stated value of \$2.00 per share. 01/10/12 Cash (80,000 shares × \$6.00 per share) 480,000 Common Stock (80,000 × \$2.00 stated value) 160,000 Paid-in Cap in Excess of Stated Value [80,000 × (\$6.00 - \$3.00 320,000 03/01/12 Organization Expense 35,000 Common Stock (5,000 × \$2.00 stated value) 10,000 Paid-in Cap in Excess of Stated Value [5,000 × (\$7.00 - \$2.00)] 25,000 07/01/12 Cash (30,000 shares × \$8.00 per share) 240,000 Common Stock (30,000 × \$2.00 stated value) 60,000 Paid-in Cap in Excess of Stated Value [30,000 × (\$8.00 - \$2.00 180,000 09/01/12 Cash (60,000 shares × \$10.00 per share) 600,000 Common Stock (60,000 × \$2.00 stated value) 120,000 Paid-in Cap in Excess of Stated Value [60,000 × (\$10.00 - \$2.0 480,000 Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse 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. (a) Prepare the journal entries for these transactions, assuming that the common stock has a par (b) Prepare the journal entries for these transactions, assuming that the common stock is no par

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b4e522ab9b94d1b1e1a5748e90c5a99c0ceb3f83.xlsx, Exercise 15-1, Page 2 of 8, 03/29/2012, 01:32:32 Name: Date: Instructor: Course: 01/10/12 Issued 80,000 shares for cash at \$6.00 per share. 03/01/12 Issued 5,000 shares to attorneys in payment of a bill for \$35,000 for services rendered in helping the company to incorporate. 07/01/12 Issued 30,000 shares for cash at \$8.00 per share. 09/01/12 Issued 60,000 shares for cash at \$10.00 per share. Instructions: value of \$3.00 per share. 01/10/12 Account Title Amount Account Title Amount Account Title Amount 03/01/12 Account Title Amount Account Title Amount Account Title Amount 07/01/12 Account Title Amount Account Title Amount Account Title Amount 09/01/12 Account Title Amount Account Title Amount Account Title Amount with a stated value of \$2.00 per share. 01/10/12 Account Title Amount Account Title Amount Account Title Amount 03/01/12 Account Title Amount Account Title Amount Account Title Amount 07/01/12 Account Title Amount Account Title Amount Account Title Amount 09/01/12 Account Title Amount Account Title Amount Account Title Amount Intermediate Accounting , 14 th Edition by Kieso, Weygandt, and Warfield Primer on Using Excel in Accounting by Rex A Schildhouse E15-1 (Recording the Issuances of Common Stock)
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## This note was uploaded on 03/28/2012 for the course ACC 401 taught by Professor O during the Spring '12 term at Regis University.

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ch15_sol - Name: Solution Date: Instructor: Course:...

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