STOCK SUBSCRIPTIONS Athletics West had the following stock transactions during the year: (a) Issued 140,000 shares of

Question:

STOCK SUBSCRIPTIONS Athletics West had the following stock transactions during the year:

(a) Issued 140,000 shares of $1 par common stock for $145,000 cash.

(b) Issued 9,000 shares of $18 par, 7% preferred stock for $162,800 cash.

(d) Received subscriptions for 5,000 shares of $18 par, 7% preferred stock for $92,000.

(e) Received a payment of $59,000 on the common stock subscription.

(f) Received a payment of $46,000 on the preferred stock subscription.

(g) Issued 60,000 shares of $1 par common stock in exchange for a truck with a fair market value of $66,000.

(h) Received the balance in full for the common stock subscription and issued the stock.

(i) Issued 3,500 shares of no-par common stock with a stated value of $6 per share for $21,500 cash.

(j) Received the balance in full for the preferred stock subscription and issued the stock.

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...