Dublin Corporation was organized and authorized to issue 10,000 shares of $100 par, preferred 8% stock and 500,000 shares of $10 par common stock. The three transactions recorded in the following T accounts took place during the first month of operations.

Instructions 

In your working papers, describe each of the three transactions.

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Cash in Bank Debit + (1) 300,000 (2) 200,000 (3) 700,000 Debit Credit Common Stock Credit + (1) 300,000 (3) 500,000 Preferred Stock Debit Credit + (2) 200,000 Paid-in Capital in Excess of Par Debit Credit + (3) 200,000