Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. cash and noncash share issuances guild corporation

Cash and Noncash Share Issuances Guild Corporation was organized on June 1. The company's charter...

90.2K

Verified Solution

Question

Accounting

image
Cash and Noncash Share Issuances Guild Corporation was organized on June 1. The company's charter authorizes 500,000 shares of $5 par value common stock. On July 1, the attorney who helped organize the corporation accepted 600 shares of Guild common stock in settlement for the services provided (the services were valued at $7, 600). On July 15, Guild issued 5,000 common shares for $65,000 cash. On September 15, Guild issued 2,000 common shares to acquire a vacant land site appraised at $28,000. Prepare the journal entries to record the stock issuances on July 1, July 15, and September 15

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students