Business, 05.03.2021 23:40, Arththika2002

Quay Co. had the following transactions during the current period. Mar.2 Issued 5,000 shares of $7 par value common stock to attorneys in payment of a bill for $39,600 for services performed in helping the company to incorporate. June12 Issued 63,400 shares of $7 par value common stock for cash of $519,100.July 11 Issued 2,175 shares of $110 par value preferred stock for cash at $130 per share. Nov.28 Purchased 2,350 shares of treasury stock for $83,500.

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answered: meaghan18

Following are the journal entries to this question:

Explanation:

Date account title Dr. Cr.

Mar.2 Incorporation expense $\$39,600$

Common Stock (Par value $=5000 \ Shares \times 7$ ) $\$35,000$

Paid in excess of par- Common Stock (39600-35000) $\$4,600$

(Bein 5000 common shares Of par value $\$4$ each issued )

June. 12 Cash $\$519,100$

Common Stock (Par value $-63400\ Shares \times 7$ ) $\$443,800$

Paid in excess of par- common stock (519100-443800) $\$75,300$ (Being 63400 common shares of par value $\$7$ each issued for $\$519100$ cash)

July-11 cash $2175\ shares\times \$130$ $\$282,750$

Preferred Stock (Par value $=2175\ Shares \times \$110$ ) $\$239,250$

Paid in excess of par- Preferred stock (282750- 239250) (Being 2175 Prefered shares of par value $\$110$ each issued for $\$130$ each)

Nov. 28 Treasury Stock $\$83,500$

cash $\$83,500$

(Purchased 2,350 shares of treasury stock for $\$83,500$ ).

answered: Guest

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answered: Guest

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Quay Co. had the following transactions during the current period. Mar.2 Issued 5,000 shares of $7 p...