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-   -   Creating journal entries (https://www.askmehelpdesk.com/showthread.php?t=67138)

  • Feb 27, 2007, 07:21 PM
    Dancer8
    Creating journal entries
    I need help with these journal entries

    1.) Company ussues $10,000 shares of common stock for $175,000. The par value of the stock is $10 per share.

    2.) An investment was made in Calhoun COmpany stock for amount of $75,000.

    3.) Payments to suppliers totaled $92,000

    4.) Company purchases for cash, land and a building costing $200,000, The building was recently appraised at $140,000

    5.) A count of inventories at year end revealed $10,000 worth of inventory.


    Any help would be greatly appreciated.
  • Feb 28, 2007, 02:50 AM
    CaptainForest
    What do YOU think the answers are?
  • Feb 20, 2012, 01:57 AM
    sharker
    Journal
    1) Cash Dr $ 175000
    To, Capital Account 100000
    To, Paid in capital in excess of Par 75000
    (To record issuance of share of 10000 @Tk10 each at premium)
    2)Investment in stock $75000
    Cash 75000
    3)Accounts payable $92000
    Cash $92000

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