Partners Pat and Quincy wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as P & Q Services, Inc. The charter from the state of Texas authorizes the corporation to issue 65,000 shares of 2 percent, $50 par preferred stock and 230,000 shares of no-par common stock. In its first month, P&Q Services, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Jan 3: Issued 5,900 shares of common stock to Pat and 3,400 shares to Quincy, both for cash of $10 per share. (Prepare a single journal entry for the issuance to both individuals.) Date Jan 3 Journal Entry Accounts Debit Credit Partners Pat and Quincy wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as P & Q Services, Inc. The charter from the state of Texas authorizes the corporation to issue 65,000 shares of 2 percent, $50 par preferred stock and 230,000 shares of no-par common stock. In its first month, P&Q Services, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Jan 12: Issued 1,400 shares of preferred stock to acquire a patent with a market value of $70,000. Jan Date 12 Journal Entry Accounts Debit Credit Partners Pat and Quincy wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as P & Q Services, Inc. The charter from the state of Texas authorizes the corporation to issue 65,000 shares of 2 percent, $50 par preferred stock and 230,000 shares of no-par common stock. In its first month, P&Q Services, Inc., completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Jan 22: Issued 1,200 shares of common stock to other investors for $11 cash per share. Date Jan 22 22 Journal Entry Accounts Debit Credit Requirement 2. Prepare the stockholders' equity section of the P & Q Services, Inc.'s balance sheet at December 31. The ending balance of Retained earnings is $41,000. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet.) Stockholders' Equity Paid-in capital: