Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journalize the following transactions -33. Mega Sales is authorized to issue 100,000 shares of $100 par, 2% preferred stock and 1,000,000 shares of $10 par
Journalize the following transactions
-33. Mega Sales is authorized to issue 100,000 shares of $100 par, 2% preferred stock and 1,000,000 shares of $10 par common stock. (a) On January 2nd Mega Sales issues 5,000 shares of preferred stock for $105 per share and 65,000 shares of common stock at $10 per share. Journalize this issuance. (b) On January 25 th Mega Sales issued 250 shares of preferred stock to a CPA/Law firm for settlement of an invoice for incorporation services. The invoice was for $30,000.00. Journalize this issuance. (c) On January 31 st Mega Sales issues 500 shares of common stock to SOD for fixtures. The fixtures have a fair market value of $6,500.00. Journalize this issuance Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started