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Prepare the journal entries to record the stock issuances

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Question - Cash and Noncash Issuances Chavoy Corporation was organized on July 1. The company's charter authorizes 100,000 shares of $10 par value common stock. On August 1, the attorney who helped organize the corporation accepted 800 shares of Chavoy common stock in a settlement for services provided (the services were values at $9,600). On August 15, Chavoy issue 5,000 common shares for $75,000 cash. On October 15, Chavoy issued 3,000 common shares to acquire a vacant land site appraised at $48,000. Prepare the journal entries to record the stock issuances on August 1, August 15 and Oct. 15.

Reference no: EM131569078

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