[Dancer8]

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.

[CaptainForest]

What do YOU think the answers are?

[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