1. ACE Hotels and Clubs had the following transactions during the current period. Prepare the journal entries for these transactions. Answer (a) to (i). "Use parentheses only for negative number. June 12 June 22 July 11 Nov. 28 Issued 60,000 shares of $1 par value common stock for cash of $375,000. Issued 10,000 shares of $1 par value common stock to attorneys in payment of a bill for $60,000 for services rendered in helping the company to incorporate. Issued 1,000 shares of $100 par value preferred stock for cash at $105 per share. Purchased 2,000 shares of treasury stock for $80,000. June 12 (a) Common Stock (60,000$1) Paid-in Capital in Excess of Par Value-Common Stock June 22 Organization Expense Common Stock (10,000$1) Paid-in Capital in Excess of Par Value-Common Stock. July 11 Cash (1,000$105) Preferred Stock (1,000$100) Paid-in Capital in Excess of Par Value-Preferred Stock. (1,000$5) (b) 60,000 (c) (d) 10,000 (e) 105,000 100,000 5,000 Nov. 28 (f) (g) (h) (i)