Respuesta :
Answer and Explanation:
The journal entries are shown below:
a.
On Jan 10
Cash Dr $100,800 (25200 shares × $4 )
       To Common Stock  $100,800
(Being the common stock is issued)
To record this, we debited the cash as it increased the assets and, at the same time, it also increased the total equity of the stockholder so common stock is credited
On July 1
Cash $357,000  (51,000 shares × $7)
   To Common stock $204,000  (51,000 shares × $4)
   To Additional Paid in capital in excess of par value - Common stock  $153,000  (51,000 shares × $3)
(Being the issuance of the common stock is recorded)
To record this, we debited the cash as it increased the assets and, at the same time, it also increased the total equity of the stockholder and the common stock is credited with the additional capital paid for common stock
b.
On Jan 10
Cash $100,800  (25,200 shares × $4)
   To Common stock $25,200  (25,200 shares × $1)
   To Additional Paid in capital in - Common stock  $75,600  (25,200 shares × $3)
(Being the issuance of the common stock is recorded)
To record this, we debited the cash as it increased the assets and, at the same time, it also increased the total equity of the stockholder and the common stock is credited with the additional capital paid for common stock
On July 1
Cash $357,000  (51,000 shares × $7)
   To Common stock $51,000  (51,000 shares × $1)
   To Additional Paid in capital in - Common stock  $306,000  (51,000 shares × $6)
(Being the issuance of the common stock is recorded)
To record this, we debited the cash as it increased the assets and, at the same time, it also increased the total equity of the stockholder and the common stock is credited with the additional capital paid for common stock
Here, we are preparing the journal entry for the various transaction stated in the question.
a. Date   Account titles and Explanation     Debit      Credit
 Jan 10   Cash                          $100,800
         (25,200 shares * $4)
             To Common Stock                    $100,800
         (Being the common stock is issued)
  July 1   Cash                          $357,000
         (51,000 shares × $7)
             To Common stock                    $204,000
             (51,000 shares × $4)
             To Additional Paid in capital in excess    $153,000 Â
             of par value (51,000 shares × $3)
          (Being the issuance of the common stock is recorded)
b. Date   Account titles and Explanation     Debit      Credit
 Jan 10  Cash                          $100,800
         (25,200 shares × $4)
             To Common stock                     $25,200 Â
             (25,200 shares × $1)
             To Additional Paid in capital              $75,600 Â
             (25,200 shares × $3)
         (Being the issuance of the common stock is recorded)
  July 1  Cash                            $357,000
         (51,000 shares × $7)
             To Common stock                       $51,000
             (51,000 shares × $1)
             To Additional Paid in capital              $306,000 Â
              (51,000 shares × $6)
         (Being the issuance of the common stock is recorded)
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