AC 302 Chapter 15 Question 1

AC 302 Chapter 15 Question 1
Name				Date			
Instructor:				Course:			
Intermediate Accounting, 14th Edition by Kieso, Weygandt, and Warfield							
Primer on Using Excel in Accounting by Rex A Schildhouse							
							
E15-1 (Recording the Issuances of Common Stock) During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock.							
							
01/10/12	Issued	80,000 	shares for cash at		$6.00 	per share.	
03/01/12	Issued	5,000 	shares to attorneys in payment of a bill for				$35,000 
	for services rendered in helping the company to incorporate.						
07/01/12	Issued	30,000 	shares for cash at		$8.00 	per share.	
09/01/12	Issued	60,000 	shares for cash at		$10.00 	per share.	
							
Instructions:							
(a) Prepare the journal entries for these transactions, assuming that the common stock has a par 							
      value of	$3.00 	per share.					
							
01/10/12	Account Title					Amount	
	Account Title						Amount
	Account Title						Amount
							
03/01/12	Account Title					Amount	
	Account Title						Amount
	Account Title						Amount
							
07/01/12	Account Title					Amount	
	Account Title						Amount
	Account Title						Amount
							
09/01/12	Account Title					Amount	
	Account Title						Amount
	Account Title						Amount
							
(b) Prepare the journal entries for these transactions, assuming that the common stock is no par 							
with a stated value of		$2.00 	per share.				
							
01/10/12	Account Title					Amount	
	Account Title						Amount
	Account Title						Amount
							
03/01/12	Account Title					Amount	
	Account Title						Amount
	Account Title						Amount
							
07/01/12	Account Title					Amount	
	Account Title						Amount
	Account Title						Amount
							
09/01/12	Account Title					Amount	
	Account Title						Amount
	Account Title						Amount