On January 14, Peerless Rocks Inc., a marble contractor, issued for cash 65,000 shares of $8 par

Question:

On January 14, Peerless Rocks Inc., a marble contractor, issued for cash 65,000 shares of $8 par common stock at $27, and on March 17, it issued for cash 160,000 shares of $4 par preferred stock at $6.

a. Journalize the entries for January 14 and March 17.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...