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Journalize transactions assuming that common stock is no-par

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Reference no: EM13546136

During the first year of operations, Benin's Health Club had the following transactions pertaining to its common stock

Jan. 8

Issued 50,000 shares for cash at $10 per share.

Aug. 1

Issued 25,000 shares for cash at $12 per share.

Instructions

(a) Journalize the transactions, assuming that the common stock has a par value of $1 per share.

(b) Journalize the transactions, assuming that the common stock is no-par with a stated value of $0.50 per share.

Reference no: EM13546136

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