The charter of

Magnolia

Corporation authorizes the issuance of

900

shares of preferred stock and

1,000

shares of common stock. During a two-month period,

Magnolia

completed these stock-issuance transactions:

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Part 1

Requirement 1. Record the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Mar.

23: Issued

210

shares of

$4

par value common stock for cash of

$16

per share.

Date			Accounts and Explanation	Debit	Credit
Mar. 23