Using the following accounts:
[1]Cash
[2]Subscription receivable-common stock
[3]Machinery
[4]Building
[5]Land
[6]Organization costs
[7]Preferred stock
[8]Common stock
[9]Paid in capital in excess of par value – preferred
[10]Paid in capital in excess of par value – common
[11]Common stock subscribed
[12]Discount on common stock
[13]Organization Expense
Indicate the account(s) to be debited and credited to record the following transaction.
53) Sold common stock at a price above the par value.
Debit ________ Credit ________ & ________
54) Exchanged common stock for machinery when the stock was selling at a premium.
Debit ________ Credit ________ & ________
55) Sold common stock at a price equal to the par value.
Debit ________ Credit ________
56) Exchanged common stock for a building and land when the stock was selling at a discount.
Debit ________ & ________ & ________ Credit ________
57) Sold preferred stock at a price equal to par value.
Debit ________ Credit ________
58) Purchased machinery for cash.
Debit ________ Credit ________
59) Exchanged common stock for services of corporation organizers (valued at par).
Debit ________ Credit ________
60) Purchased land by exchanging common stock (valuation is above par).
Debit ________ Credit ________ & ________
