During its first year of operations, Swifty Corporation had the following transactions pertaining to its common stockJan. 10 Issued 75,000 shares for cash at $7 per share.July 1 Issued 35,000 shares for cash at $9 per share.(a)Journalize the transactions, assuming that the common stock has a par value of $7 per share. (List all debit entries before creditentries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount isentered. Do not indent manually)Your answer is correct.DateJan 10July 1Account Titles and ExplanationCashCommon StockCashPaid-in Capital in Excess of Par-Common StockCommon StockDebit525000315000CreditWI52500070000245000 During its first year of operations, Swifty Corporation had the following transactions pertaining to its common stockJan. 10 Issued 75,000 shares for cash at $7 per share.July 1 Issued 35,000 shares for cash at $9 per share.(a)Journalize the transactions, assuming that the common stock has a par value of $7 per share. (List all debit entries before creditentries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount isentered. Do not indent manually)Your answer is correct.DateJan 10July 1Account Titles and ExplanationCashCommon StockCashPaid-in Capital in Excess of Par-Common StockCommon StockDebit525000315000CreditWI52500070000245000

Answer : a) Date Account title Debit Credit 10jan Cash $525,000 Common stock (75000*$7)…

Answered: Issued 75,000 shares for cash at $7 per…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Issued 75,000 shares for cash at $7 per share. Issued 35,000 shares for cash at $9 per share. Your answer is correct. 4