Exercise 15-1 During its first year of operations, Collin Raye Corporation had the following...
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Accounting
Exercise 15-1
During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.
Jan. 10
Issued 83,960 shares for cash at $6 per share.
Mar. 1
Issued 5,000 shares to attorneys in payment of a bill for $36,540 for services rendered in helping the company to incorporate.
July 1
Issued 32,950 shares for cash at $8 per share.
Sept. 1
Issued 61,520 shares for cash at $10 per share.
(a)
Prepare the journal entries for these transactions, assuming that the common stock has a par value of $4 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.
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
(a)
Jan. 10
Mar. 1
July 1
Sept. 1
(b)
Jan. 10
Mar. 1
July 1
Sept. 1
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