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21 February, 19:10

During its first year of operations, Marigold Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 66,500 shares for cash at $6 per share. July 1 Issued 41,500 shares for cash at $8 per share.

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  1. 21 February, 19:21
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    Journalize the transactions is given below

    Explanation:

    given data

    Issued = 66,500 shares

    cash = $6 per share

    Issued = 41,500 shares

    cash = $8 per share

    solution

    we get here Journalize the transactions

    and we assuming that the common stock has a par value of $6 per share

    so

    Jan. 10 cash is 66,500 * 6 = 399000

    and cash for July 1 is = 41,500 * 8 = 332000

    and common stock = 41,500 * 6 = 249000

    paid in capital excess = 332000 - 249000 = 83000

    Date Account Titles Debit Credit

    Jan. 10 cash 399000

    common stock 399000

    July 1 cash 332000

    common stock 249000

    paid in capital excess 83000
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