Question
The Mayfair Corporation was organized on August 1, 2016. The firm is authorized to issue 80,000 shares of no-par-value common stock with a stated value
The Mayfair Corporation was organized on August 1, 2016. The firm is authorized to issue 80,000 shares of no-par-value common stock with a stated value of $20 per share and 20,000 shares of $50 par-value, 12 percent preferred stock. |
Aug. | 1 | Issued 600 shares of common stock to Justin Baker for $20 a share. |
1 | Issued 450 shares of preferred stock to Austin Moore at par value. | |
6 | Issued 300 shares of common stock to Mandie Brown for $24 a share. | |
10 | Received a subscription for 800 shares of preferred stock from Lauren Durio for $55 a share, payable in two installments due on the 15th and 31st of August. | |
15 | Received payment of stock subscription installment due from Lauren Durio (one-half of the purchase price). | |
31 | Received the balance due on the stock subscription of August 10 from Lauren Durio. Issued the stock. |
Record in general journal form the transactions listed above. |
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