Homework Answers
| SOLUTION : | |||
| Cash invested by shareholders it means cash is came in business | |||
| Now cash will be increases and we can debit the cash by = | $ 1,00,000 | ||
| Shareholders are get the common stock against this investment, | |||
| When shares are issued than share capital will be credited with same amount = | $ 1,00,000 | ||
| Journal entry of the same will be passed as below, | |||
| Journal Entries | |||
| Date | Account Title and explanation | Debit | Credit |
| October , 01 | Cash | $ 1,00,000 | |
| Common Stock | $ 1,00,000 | ||
| (Record the cash received fro shareholders) | |||
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on January 1, 2019: Common Stock ($5 par) $546,950, Paid-in Capital
in Excess of Par—Common Stock $191,670, and Retained Earnings
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transactions.
Mar.
1
Purchased 6,920 shares at $8 per share.
June
1
Sold 1,220 shares at $12 per share.
Sept.
1
Sold 1,310 shares at $11 per share.
Dec.
1
Sold 1,080 shares at $6 per share.
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