Corporations: Organization and Capital Stock Transactions

Problem-08: Corporations: Organization and Capital Stock Transactions

During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.

Jan. 10Issued 70,000 shares for cash at $5 per share
July 1Issued 40,000 shares for cash at $7 per share.

Instruction

  1. Journalize the transactions, assuming that the common stock has a par value of $5 per share.
  2. Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.

Solution

a.
Foyle Corporation
Journal Entries
 
b.
Foyle Corporation
Journal Entries

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