Question

Cheyenne Corp. issued 1,800 shares of common stock.

Prepare the entry for the issuance under the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,675. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

(a)		The stock had a par value of $8.25 per share and was issued for a total of $46,000.
(b)		The stock had a stated value of $8.25 per share and was issued for a total of $46,000.
(c)		The stock had no par or stated value and was issued for a total of $46,000.
(d)		The stock had a par value of $8.25 per share and was issued to attorneys for services during incorporation valued at $46,000.
(e)		The stock had a par value of $8.25 per share and was issued for land worth $46,000.

Answer 1

Date	Account Title and explanation	Debit	Credit
1	Cash	46000
	Common Stock		14850
	Paid in Capital in excess of par		31150
	(Common Stock - 8 x 1800 and Excess of par - 46000 - 14850)
2	Cash	46000
	Common Stock		14850
	Paid in Capital in excess of Stated value		31150
	(Common Stock - 8 x 1800 and Excess of stated - 46000 - 14850)
3	Cash	46000
	Common Stock		46000
	(Mentioned value)
4	Preliminary Expenses	46000
	Common Stock		14850
	Paid in Capital in excess of par - Common Stock		31150
	(Common Stock - 8 x 1800 and Excess of par - 46000 - 14850)
5	Land A/c	46000
	Common Stock		14850
	Paid in Capital in excess of par - Common Stock		31150