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Journalize the transactions

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Reference no: EM132201910

Question - During its first year of operations, Flounder Corp. had these transactions pertaining to its common stock.

Jan. 10 Issued 25,500 shares for cash at $6 per share.

July 1 Issued 52,500 shares for cash at $8 per share.

(a) Journalize the transactions, assuming that the common stock has a par value of $6 per share.

(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.

Reference no: EM132201910

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