At the end of fiscal year 2018, Hermin Legal Services and Yummy Doughnuts reported these adapted...
At the end of fiscal year 2018, Hermin Legal Services and Yummy Doughnuts reported these adapted amounts on their balance sheets (all amounts in millions except for par value per share): LOADING...(Click the icon to view the balance sheet data.) Assume each company issued its stock in a single transaction. Journalize each company's issuance of its stock, using its actual account titles. Explanations are not required. (Enter amounts in millions. Record debits first, then credits. Exclude explanations from any journal entries.) Begin by journalizing the Hermin Legal Services common stock issuance. Journal Entry Accounts Debit Credit Millions Next, journalize the Yummy Doughnuts common stock issuance. Journal Entry Accounts Debit Credit Millions Hermin Legal Services: Common stock, $0.01 par value, 2,900 shares issued $29 Additional paid-in capital 18,000 Yummy Doughnuts: Common stock, no par value, 66 shares issued $297
|
Hermin Legal Services: |
|
|
Common stock, $0.01 par value, 2,900 shares issued |
$29 |
|
Additional paid-in capital |
18,000 |
|
Yummy Doughnuts: |
|
|
Common stock, no par value, 66 shares issued |
$297 |
Homework Answers
| Journal entries | |||
| Hermin Legal Services | |||
| No. | Account | Debit | Credit |
| 1 | Cash | $ 18,029 | |
| Common stock | $ 29 | ||
| Additional paid-in capital | $ 18,000 | ||
| Yummy Doughnuts | |||
| 1 | Cash | $ 297 | |
| Common stock | $ 297 | ||
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