Question

During its first year of operations, Marigold Corporation had the following transactions pertaining to its common stock.

Jan. 10		Issued 84,000 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 32,000 shares for cash at $8 per share.
Sept. 1		Issued 61,700 shares for cash at $10 per share.

1. Prepare the journal entries for these transactions, assuming that the common stock has a par value of $4 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)	choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
	choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
	choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
	choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount
		enter an account title	enter a debit amount	enter a credit amount

2. Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 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
choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date                                                                      Jan. 10Mar. 1July 1Sept. 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

PLEASE PROVIDE STEPS WITH EXPLANATION AND ANSWERS. THANK YOU!

Answer 1

1. Prepare the journal entries for these transactions, assuming that the common stock has a par value of $4 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	Cash (84000*6)	504000
		Common Stock		336000
		Paid in capital in excess of par-Common Stock		168000
	Mar 1	Organization expense	35000
		Common Stock (5000*4)		20000
		Paid in capital in excess of par-Common Stock		15000
	July 1	Cash (32000*8)	256000
		Common Stock		128000
		Paid in capital in excess of par-Common Stock		128000
	Sept 1	Cash (61700*10)	617000
		Common Stock (61700*4)		246800
		Paid in capital in excess of par-Common Stock		370200

2. Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of $2 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
Jan 10	Cash (84000*6)	504000
	Common Stock		168000
	Paid in capital in excess of stated-Common Stock		336000
Mar 10	Organization expense	35000
	Common Stock		10000
	Paid in capital in excess of stated value-Common Stock		25000
July 1	Cash (32000*8)	256000
	Common Stock		64000
	Paid in capital in excess of stated-Common Stock		192000
sept 1	Cash (61700*10)	617000
	Common Stock (61700*2)		123400
	Paid in capital in excess of stated-Common Stock		493600