(Recording the Issuances of Common Stock) During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock.
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Jan. 10 |
Issued 80,000 shares for cash at $6 per share. |
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Mar. 1 |
Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the |
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July 1 |
Issued 30,000 shares for cash at $8 per share. |
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Sept. 1 |
Issued 60,000 shares for cash at $10 per share. |
Instructions
(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.