$1.00 Accounting Help ASAP
Finney Corporation is authorized to issue 1,000,000 shares of $2 par value
common stock. During 2005, its first year of operation, the company has the following
Jan. 1 Paid the state $2,000 for incorporation fees.
Jan. 15 Issued 500,000 shares of stock at $7 per share.
Jan. 30 Attorneys for the company accepted 500 shares of common stock as payment for
legal services rendered in helping the company incorporate. The legal services
are estimated to have a value of $5,000.
July 2 Issued 100,000 shares of stock for land. The land had an asking price of
$900,000. The stock is currently selling on a national exchange at $8 per share.
Sept. 5 Purchased 15,000 shares of common stock for the treasury at $9 per share.
Dec. 6 Sold 11,000 shares of the treasury stock at $11 per share.
Instructions: Prepare General Journal entries for the transactions of Finney Corporation.
- This tutorial hasn't been purchased yet.
- Posted on Jul. 06, 2011 at 12:01:04AM