MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It

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MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first year, the corporation has the following transactions:

Journalize the transactions.

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Principles Of Accounting Volume 1 Financial Accounting

ISBN: 9781593995942

1st Edition

Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax

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Question Posted: Aug 16, 2022 07:38 AM

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MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It

Question:

May 1 May 23 Jun. 10 Issued 3,000 shares of preferred stock for cash at $750 per share Issued 6,000 shares of common stock at $12.50 per share Issued 5,000 shares of common stock for equipment without a readily determinable value. The stock is currently trading at $11 per share

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Date Account Tiles Debit Credit May1 Cash 3000 x 750 2250000 Preferred Stock ...View the full answer

Principles Of Accounting Volume 1 Financial Accounting

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