During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.

During its first year of operations, Foyle Corporation had the following transactions pertaining to its common stock.

Jan.    10        Issued 70,000 shares for cash at $5 per share.
July       1        Issued 40,000 shares for cash at $7 per share.

Journalize the transactions, assuming that the common stock has a par value of $5 per share.



Explanation
Jan. 10        Cash     =     (70,000 × $5)     =     $350,000
                       
July 1        Cash     =     (40,000 × $7)     =     $280,000
        Common Stock     =     (40,000 × $5)     =     $200,000
        Paid-in Capital in Excess of Par-Common Stock     =     (40,000 × $2)     =     $80,000

Journalize the transactions, assuming that the common stock is no-par with a stated value of $1 per share.


Explanation
Jan. 10        Cash     =     (70,000 × $5)     =     $350,000
        Common Stock     =     (70,000 × $1)     =     $70,000
        Paid-in Capital in Excess of Stated Value-Common Stock     =     (70,000 × $4)     =     $280,000
                       
July 1        Cash     =     (40,000 × $7)     =     $280,000
        Common Stock     =     (40,000 × $1)     =     $40,000
        Paid-in Capital in Excess of Stated Value-Common Stock     =     (40,000 × $6)     =     $240,000
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The following events pertain to Super Cleaning Company: 1. Acquired $15,400 cash from the issue of common stock. 2. Provided $13,400 of services on account.

The following events pertain to Super Cleaning Company:

1.	Acquired $15,400 cash from the issue of common stock.
2.	Provided $13,400 of services on account.
3.	Provided services for $4,400 cash.
4.	Received $2,800 cash in advance for services to be performed in the future.
5.	Collected $9,400 cash from the account receivable created in Event 2.
6.	Paid $5,400 for cash expense.
7.	Performed $1,400 of the services agreed to in Event 4.
8.	Incurred $1,900 of expenses on account.
9.	Paid $1,300 cash in advance for one-year contract to rent office space.
10.	Paid $1,550 cash on the account payable created in Event 8.
11.	Paid a $1,900 cash dividend to the stockholders.
12.	Recognized rent expense for nine months’ use of office space acquired in Event 9.

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Required:

Show the effects of the events on the financial statements using a horizontal statements model like the following one. In the Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Use NA to indicate accounts not affected by the event. The first event is recorded as an example.