Sydney Systems completed the following stock issuance transactions: Sep 19 Issued 1,500 shares of $5 par common

Question:

Sydney Systems completed the following stock issuance transactions:

Sep 19 Issued 1,500 shares of $5 par common stock for cash of $10.50 per share.

Oct 3 Sold 200 shares of $3.00, no-par preferred stock for $10,000 cash.

11 Received inventory with a market value of $23,000 and equipment with a market value of $11,000. Issued 3,000 shares of the $5 par common stock in exchange.

Requirements

1. Journalize the transactions. Explanations are not required.

2. How much paid-in capital did these transactions generate for Sydney Systems?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...