Question

Monty Corp. was organized on January 1, 201 7. It is authorized to issue 23 The following stock transactions were completed during the first year 00 shares of 6%, $ 53 par value preferred stock and 459,000 shares of no par common stock with a stated value of $ 1 per sh Jan. 10 Issued 69,500 shares of common stock for cash at $4 per share. Mar. 1 Issued 1,190 shares of preferred stock for cash at $ 54 per share May 1 Issued 114,500 shares of common stock for cash at $ 7 per share Sept. 1 Issued 4,900 shares of common stock for cash at $ 9 per share Nov. 1 Issued 2,900 shares of preferred stock for cash at $ 54 per share Journalize the transactions. (Record journal entries in the order presented in the problem Credit account titles are automatically indented when amount is entened. Do not indent manually If no entry is required, select าน°Entry"for theaccount titles andenterOforthearnourts)

Answer 1

Answer

date	account title and explanation	debit	credit
10 jan	cash (69500 *4 )	278000
	to common stock (69500 * 1)		69500
	to paid in capital		208500
1 mar	cash ( 1190 * 54 )	64260
	to preferred stock (1190 *53 )		63070
	to paid in capital		1190
1 may	cash ( 114500 * 7 )	801500
	to common stock ( 114500 * 1 )		114500
	to paid in capital		687000
1 sept	cash ( 4900 * 9 )	44100
	to common stock (4900 * 1 )		4900
	to paid in capital		39200
1 nov	cash ( 2900 * 54 )	156600
	to preferred stock (2900 *53 )		153700
	to paid in capital		2900