Must use the accounts on the picture attached Exercise 151 D

Must use the accounts on the picture attached.

Exercise 15-1 During its first year of operations, Sandhill Corporation had the following transactions pertaining to its common stock. Issued Bo,700 shares for cash at s6 per share. Issued 5,000 shares to attorneys in payment of a bill for s37,300 for services rendered in helping the company to incarporate Issued 32,600 shares for cash at s8 per share. Issued 63,600 shares for cash at s10 per share 10 uly Sept. (a) Prepare the journal entrics for these transactions, assuming that the common stock has a par valuc of $5 per share (b) Prepare the journal entries for these transactions, assuming that the common stock is no-par with a stated value of S2 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 O for the amounts.) Date Account Titles and Explanation Debit Credit

Solution

a)

b)

Jan-10	Cash (80,700*$6)	$ 484,200
	Common stock (80,700*$5)		$ 403,500
	Paid in capital in excess of par - common stock (80,700*$1)		$    80,700
Mar-01	Legal fees	$    37,300
	Common stock (5,000*$5)		$    25,000
	Paid in capital in excess of par - common stock		$    12,300
Jul-01	Cash (32,600*$8)	$ 260,800
	Common stock (32,600*$5)		$ 163,000
	Paid in capital in excess of par - common stock (32,600*$3)		$    97,800
Sep-01	Cash (63,600*$10)	$ 636,000
	Common stock (63,600*$5)		$ 318,000
	Paid in capital in excess of par - common stock (63,600*$5)		$ 318,000