Prepare the journal entries for these transactions assuming


1. 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 attorneys 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.

(b) Prepare the journal entries for these transactions, assuming that the common stock is no par with a stated value of $2 per share. 

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Prepare the journal entries for these transactions assuming
Reference No:- TGS01484579

Now Priced at $10 (50% Discount)

Recommended (97%)

Rated (4.9/5)