Question

Blue Spruce Corp. had the following transactions during the current period. Mar. 2 Issued 6,100 shares of $5 par value common stock to attorneys in payment of a bill for $36,600 for services performed in helping the company to incorporate. June 12 Issued 57 500 shares of $5 par value common stock for cash of $359,375 July 11 Issued 1.200 shares of $100 par value preferred stock for cash at $10 per share. Nov. 28 Purchased 2,500 shares of treasury stock for $100,000 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 for the amounts.)

Answer 1

Date	General Journal	Debit	Credit
Mar-02	Organization expense	$     36,600
	Common stock (6,100*$5)		$     30,500
	Paid in capital in excess of par value - Common stock		$       6,100
Jun-12	Cash	$   359,375
	Common stock (57,500*$5)		$   287,500
	Paid in capital in excess of par value - Common stock		$     71,875
Jul-11	Cash (1,200*$108)	$   129,600
	Preferred stock (1,200*$100)		$   120,000
	Paid in capital in excess of par value - Preferred stock		$       9,600
Nov-28	Treasury stock	$   100,000
	Cash		$   100,000

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