Problem-10: Corporations: Organization and Capital Stock Transactions

Quay Co. had the following transactions during the current period.

Mar. 2	Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12	Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11	Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share
Nov. 28	Purchased 2,000 shares of treasury stock for $80,000.

Instruction

Journalize the transactions

Solution

Quay Co.
Journal Entries

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