St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions:Jan. 31Issued 140,000 common shares at $9 share.Jun. 10Issued 158,000 preferred shares in exchange for land with a clearly determined value of $900,000.Aug. 3Issued 12,000 shares of common stock for $9 per share.Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.Jan. 31 - Select -- Select - - Select -- Select - - Select -- Select -Jun. 10 - Select -- Select - - Select -- Select - - Select -- Select -Aug. 3 - Select -- Select - - Select -- Select - - Select -- Select -

The journal entries are prepared to keep the record of day to day transactions of the business on…

Answered: St. Marie Company is authorized to…

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...

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St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions:

Jan. 31	Issued 140,000 common shares at $9 share.
Jun. 10	Issued 158,000 preferred shares in exchange for land with a clearly determined value of $900,000.
Aug. 3	Issued 12,000 shares of common stock for $9 per share.

Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

Jan. 31	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
Jun. 10	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
Aug. 3	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -