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Or corporation issued for cash 25000 shares of no par common stock at $20 on February...

Or corporation issued for cash 25000 shares of no par common stock at $20 on February 14th more issued at par value 4000 shares of preferred 4% stock $75 part for cash on August 30th more issued for cash 32000 shares of preferred for present stock $75 part at $81 journalize their entries to record the January 22nd February 14 and August 30th transactions

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Answer #1

Journal entries

Date account and explanation Debit Credit
Jan 22 Cash (25000*20) 500000
Common Stock 500000
(To record common stock)
Feb 14 Cash (4000*75) 300000
4% Preferred stock 300000
(To record preferred stock)
Aug 30 Cash (32000*81) 2592000
4% Preferred stock (32000*75) 2400000
Paid in capital in excess of par value-Preferred stock 192000
(To record preferred stock)
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