Problem 1 (15 Points)

Bostick Co. had the following transactions durine the current period.

March 2

Issued 5,000 shares of $2 par value common stock to attorneys in payment of a bill for

$40,000 for services performed in heiping the company to incorporate.

June 12

Issued 60,000 shares of $2 par value common stock for cash of $275,000.

July 11

Issued 4,000 shares of $50 par value preferred stock for cash of $100 per share.

Nov. 28

Purchased 3,000 shares of treasury stock for $75,000.

Instructions: Journalize the transactions.

Problem 1 (15 Points) Bostick Co. had the following transactions during the current period. March 2 Issued 5,000 shares of $2 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate. June 12 Issued 60,000 shares of $2 par value common stock for cash of $275,000. July 11 Issued 4,000 shares of $50 par value preferred stock for cash of $100 per share. Nov. 28 Purchased 3,000 shares of treasury stock for $75,000. Instructions: Journalize the transactions. Problem 1 (15 Points) Bostick Co. had the following transactions during the current period. March 2 Issued 5,000 shares of $2 par value common stock to attorneys in payment of a bill for $40,000 for services performed in helping the company to incorporate. June 12 Issued 60,000 shares of $2 par value common stock for cash of $275,000. July 11 Issued 4,000 shares of $50 par value preferred stock for cash of $100 per share. Nov. 28 Purchased 3,000 shares of treasury stock for $75,000. Instructions: Journalize the transactions