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Quay Co. had the following transactions during the current period. Mar. 2 Issued 4,900 shares of...

Quay Co. had the following transactions during the current period. Mar. 2 Issued 4,900 shares of $7 par value common stock to attorneys in payment of a bill for $39,900 for services performed in helping the company to incorporate. June 12 Issued 56,400 shares of $7 par value common stock for cash of $473,600. July 11 Issued 2,500 shares of $120 par value preferred stock for cash at $130 per share. Nov. 28 Purchased 2,400 shares of treasury stock for $80,500.

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Answer #1
Date Account title Debit credit
Mar 2 Organizational /legal expense 39900
Common stock (4900*7) 34300
Paid in capital in excess of par -common stock 5600
June 12 cash 473600
Common stock (56400*7) 394800
Paid in capital in excess of par -common stock 78800
July 11 cash (2500*130) 325000
Preferred stock (2500*120) 300000
Paid in capital in excess of par -preferred stock 25000
Nov 28 Treasury stock 80500
cash 80500
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