Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can somebplease help me on this? Teal Corporation was organized on June 1, 2025. It is authorized to issue 100,000 shares of 5%,$100 par value

can somebplease help me on this?
image text in transcribed
image text in transcribed
Teal Corporation was organized on June 1, 2025. It is authorized to issue 100,000 shares of 5%,$100 par value preferred stock and 1,750,000 shares of no par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year: June 15 Issued 169,000 shares of common stock for cash at $5 per share. June 30 Issued 22,600 shares of preferred stock for cash at $101 per share. Aug. 15 Issued 21,900 shares of common stock for a factory building. The asking price of the factory building was $164,250, the appraised value of the factory building was $153,300. Sept. 1 Issued 196,000 shares of common stock for cash at $7 per share. Oct. 1 Issued 5,300 shares of common stock to attorneys in payment of their bill of $42,400 for services rendered in helping the company organize. Oct. 15 Issued 24,800 shares of common stock for cash at $8.50 per share. Nov.1 Issued 6,000 shares of preferred stock for cash at $104 per share. Prepare the joumal entries to record the above transactions. (Credit account titles are automatically indented when the omount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Health And Safety Audits A Compendium Of Thoughts And Trends

Authors: Lawrence B. Cahill

2nd Edition

1598889737, 978-1598889734

More Books

Students also viewed these Accounting questions

Question

What is the effect of a margin purchase on gains and losses?

Answered: 1 week ago