Question

1. Hao Corporation had the following transactions during the current period.

Mar. 2		Issued 20,000 common shares to its legal counsel in payment of a bill for $28,000 for services performed in helping the company incorporate.
June 12		Issued 40,000 common shares for $415,000 cash.
July 11		Issued 1,000, $3 noncumulative preferred shares at $110 per share cash.
Nov. 28		Issued 2,000, $3 noncumulative preferred shares at $96 per share cash.

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation.	Debit	Credit

Mar. 2June 12July 11Nov. 28	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	(To record issuance of shares.)
choose a transaction date                                                          Mar. 2June 12July 11Nov. 28	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	(To record issuance of shares.)
choose a transaction date                                                          Mar. 2June 12July 11Nov. 28	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	(To record issuance of shares.)
choose a transaction date                                                          Mar. 2June 12July 11Nov. 28	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	enter an account title to record issuance of shares	enter a debit amount	enter a credit amount
	(To record issuance of shares.)

Answer 1

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation.	Debit	Credit

Mar 2	Legal fees	28000
	Common Stock		28000
	(To record issuance of shares.)
June 12	Cash	415000
	Common Stock		415000
	(To record issuance of shares.)
July 11	Cash	110000
	Preferred stock		110000
	(To record issuance of shares.)
Nov 28	Cash (2000*96)	192000
	Preferred stock		192000
	(To record issuance of shares.)