Stores is authorized to issue 16 comma 000

16,000 shares of common stock. During atwo-month period, Military

Military completed these stocktransactions:

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Requirement 1. Journalize the transactions.

Begin by journalize the transaction on March

March 23. (Record debitsfirst, then credits. Exclude explanations from any journalentries.)

Journal Entry

Date

Accounts

Debit

Credit

Mar

23

Journal entry:

May 12 Received inventory valued at $20,000 and equipment with market value of $ 42,000 for 3,700 shares of the $2.50 par value common stock.