PAR AND NO-PAR, COMMON AND PREFERRED STOCK Valdez Company had the following stock transactions during the year:

Question:

(a) Issued 24,000 shares of $1 par common stock for $26,000 cash.

(b) Issued 20,000 shares of $1 par common stock for $19,000 cash.

(d) Issued 3,000 shares of $10 par, 7% preferred stock for $30,000 cash.

(e) Issued 4,000 shares of $15 par, 7% preferred stock for $57,000 cash.

(f) Issued 4,500 shares of $10 par, 7% preferred stock for $46,500 cash.

(g) Issued 1,800 shares of no-par common stock for $10,475 cash.

(h) Issued 1,100 shares of no-par, $7 preferred stock for $32,000 cash.

REQUIRED

Prepare general journal entries to record the transactions, identifying each transaction by letter.

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...