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On May 10, a company issued for cash 1500 shares of no par common stock (with...

On May 10, a company issued for cash 1500 shares of no par common stock (with a stated value of $2) at $10/share.

On May 15, the company issued 2000 shares of $15 par preferred stock for $50/share.

Journalize these transactions.

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Answer #1

Answer:-

No. Date General Journal Debit Credit
$ $
1 May.10 Cash (1500 shares*$10 per share) 15000
              Common stock (1500 share*$2 per share) 3000
            Paid-In Capital in Excess of Par-Common stock (1500 share*$8 per share 12000
(Being common stock issued)
No. Date General Journal Debit Credit
$ $
2 May. 15 Cash (2000 share*$50 per share) 100000
              Preferred stock (2000 share*$15 per share) 30000
             Paid-In Capital in Excess of Par-Preferred stock (2000 share*$35 per share) 70000
(Being preferred stock issued)
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