Cash and Noncash Share Issuances Chavoy Corporation was organized on July 1. The company's charter...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Cash and Noncash Share Issuances Chavoy Corporation was organized on July 1. The company's charter authorizes 100,000 shares of $10 par value common stock On August 1, the attorney who helped organize the corporation accepted 800 shares of Chavoy common stock in settlement for the services provided the services were valued at $10,000). On August 15, Chavoy issued 5,000 common shares for $79,000 cash. On October 15. Chavoy issued 3,000 common shares to acquire a vacant land site appraised at $52,000, Prepare the journal entries to record the stock issuances on August 1, Apos 15 and October 15, General Journal Description Credit Aug 1 Debit Date 05 0 0 Common Stock 0 Issued common shares in exchange for legal servicesto help oranice the corporation 0 0 Aug. 15 0 Common Stock . Issued shares for cash on August 15. 0 Oct 15 a Common Stock Issued common shares for land, tion
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
