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    bilby_jonathan Posts: 3, Reputation: 1
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    Jun 3, 2007, 11:24 PM
    Stock value journal entries
    A company is authorized to issue 50,000 shares of $50 par, 10%, noncumulative, nonparticipating preferred stock and 500,000 shares of no-par common stock. Prepare journal entries to record the following selected transactions that occurred during this year.

    Mar 1 issued 1,000 shares of common stock for $30 cash per share
    mar 15 Exchanged 2,000 shares of preferred stock for equipment and merchandise inventory with market values of $90,000 and $20,000 respectively.


    MAR 1



    MAR 15
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    Jun 3, 2007, 11:30 PM
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