A company is authorized to issue 750,000 shares of no-par value common stock. In addition they are
authorized to issue 500,000 shares of \$100 par value 8\% cumulative preferred stock. During the year, the
following selected transactions occurred:
a. Sold 12,000 shares of preferred stock for cash of \$118 per share.
b. Issued 10,000 shares of common stock for cash of \$12 per share.
Required:
Prepare the journal entries indicated for each of these transactions.
View transaction list
Journal entry worksheet
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Record the selling of 12,000 shares of preferred stock for cash of \$118 per
share.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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