Question

Entries for Issuing Stock On January 22, Muir Corporation issued for cash 27,000 shares of no-par common stock at $45. On February 14, Muir issued at par 9,000 shares of 8%, $100 par preferred stock for cash. On August 30, Muir Corporation issued for cash 28,000 shares of preferred 8% stock, $100 par at $109. Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 22 Feb. 14 Aug. 30

Answer 1

	Account	Debit	Credit
jan.22	Cash	1,215,000
	Common stock		1,215,000
Feb.14	Cash	900,000
	Preferred stock		900,000
Aug.30	Cash	3,052,000
	Preferred stock		2,800,000
	Additional paid in capital -preferred stock		252,000