During its first year of operations, Marigold Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 66,500 shares for cash at $6 per share. July 1 Issued 41,500 shares for cash at $8 per share.

Journalize the transactions is given below

Explanation:

given data

Issued = 66,500 shares

cash = $6 per share

Issued = 41,500 shares

cash = $8 per share

solution

we get here Journalize the transactions

and we assuming that the common stock has a par value of $6 per share

so

Jan. 10 cash is 66,500 * 6 = 399000

and cash for July 1 is = 41,500 * 8 = 332000

and common stock = 41,500 * 6 = 249000

paid in capital excess = 332000 - 249000 = 83000

Date Account Titles Debit Credit

Jan. 10 cash 399000

common stock 399000

July 1 cash 332000

common stock 249000

paid in capital excess 83000