Prepare journal entries to record the following four separate issuances of stock.

1. A corporation issued 4,000 shares of $5 par value common stock for $35,000 cash.

Record the issue of 4,000 shares of $5 par value common stock for $35,000 cash.
DATE GENERAL JOURNAL DEBIT
CREDIT

1
2. A corporation issued 2,000 shared of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value.

Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value.
DATE GENERAL JOURNAL DEBIT CREDIT
1
3. A corportation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has stated no value.

Record the issue of 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has no stated value.
Date GENERAL JOURNAL DEBIT CREDIT
1
4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash.

Record the issue of 1,000 shares of $50 par value preferred stock for $60,000 cash.
DATE GENERAL JOURNAL DEBIT CREDIT
1

2. A corporation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has a $1 per share stated value.

Account Debit Credit

Promters Services Expense $40,000

Common Stock $2,000

Additonal Paid-In Capital $38,000

3. A corportation issued 2,000 shares of no-par common stock to its promoters in exchange for their efforts, estimated to be worth $40,000. The stock has stated no value.

Account Debit Credit

Promters Services Expense $40,000

Common Stock $40,000

4. A corporation issued 1,000 shares of $50 par value preferred stock for $60,000 cash.

Account Debit Credit

Cash $60,000

Preferred Stock $50,000

Additonal Paid-In Capital $10,000