05 Jun Question See attachment for complete problem and there is two attachments Question 1 During its first year of operations, Collin Raye Corporation had the
Question
See attachment for complete problem and there is two attachments Question 1 During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,000 shares for cash at $6 per share. Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to incorporate. July 1 Issued 30,000 shares for cash at $8 per share.
Sept. 1 Issued 60,000 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 $5 per share. (b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $3 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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