Exercise 11-1 Your answer is correct. During its first year of operations, Pele Corporation had these transactions pertaining to its common stock. Jan. 10 Issued 28,420 shares for cash at $6 per share. July 1 Issued 55,730 shares for cash at $8 per share. (a) Journalize the transactions, assuming that the common stock has a par value of $6 per share. (b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Exercise 11-1

 

	Your answer is correct.

During its first year of operations, Pele Corporation had these transactions pertaining to its common stock.

Jan. 10		Issued 28,420 shares for cash at $6 per share.
July 1		Issued 55,730 shares for cash at $8 per share.

 

(a)		Journalize the transactions, assuming that the common stock has a par value of $6 per share.
(b)		Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.

(Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

 

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