Question
Whispering Corporation issued 720 shares of no-par common stock for $8,000. Prepare Whispering’s journal entry if...
Whispering Corporation issued 720 shares of no-par common stock for $8,000.
Prepare Whispering’s journal entry if (a) the stock has no stated value, and (b) the stock has 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.)
| No. | Account Titles and Explanation | Debit | Credit |
|---|---|---|---|
| (a) | enter an account title to record the transaction assuming option a | enter a debit amount | enter a credit amount |
| enter an account title to record the transaction assuming option a | enter a debit amount | enter a credit amount | |
| (b) | enter an account title to record the transaction assuming option b | enter a debit amount | enter a credit amount |
| enter an account title to record the transaction assuming option b | enter a debit amount | enter a credit amount | |
| enter an account title to record the transaction assuming option b | enter a debit amount | enter a credit amount |
Answers
Credit No (a) Debit $ 8,000 $ 8,000 Account Titles and Explanation Cash Common Stock Cash Common Stock Paid in Capital in Excess of Stated value - Common Stock (b) $ 8,000 $1,440 $ 6,560 (b) Working Notes: Common Stock = 720*$2 = $1,440 Paid in capital in excess of stated value - common stock = $8,000-$1,440 = $6,560
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