Question

Whispering Winds Corp. had the following transactions during the current period. Issued 4,000 shares of $6 par value common stock to attorneys in payment of a bill for $28,700 for services performed in helping the company Mar. 2 to incorporate. Issued 62,800 shares of $6 par value common stock for cash of $450,200. June 12 Issued 1,975 shares of $110 par value preferred stock for cash at $140 per share. July 11 Purchased 1,560 shares of treasury stock for $76,500. Nov. 28 Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit Date

Answer 1

Journal entry

Date	account and explanation	debit	Credit
Mar 2	Organisation expense	28700
	Common Stock (4000*6)		24000
	paid in capital in excess of par value-Common Stock		4700
June 12	Cash	450200
	Common Stock (62800*6)		376800
	paid in capital in excess of par value-Common Stock		73400
july 11	Cash (1975*140)	276500
	Preferred stock (1975*110)		217250
	paid in capital in excess of par value-Preferred Stock		59250
Nov 28	Treasury stock	76500
	Cash		76500