Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000 shares of $10 par common stock. Journalize the following transactions. a.  On January 2, Wonder Sales issues 5,000 shares of preferred stock for $110 per share and 65,000 shares of common stock at $10 per share. If an amount box does not require an entry, leave it blank. Jan. 2 Cash                              b.  On January 25, Wonder Sales issued 250 shares of preferred stock to a Morton Law Firm for settlement of a $36,000 invoice for incorporation services. If an amount box does not require an entry, leave it blank. Jan. 25                       c.  On January 31, Wonder Sales issues 500 shares of common stock to Setup Inc. for fixtures that have a fair market value of $8,500. If an amount box does not require an entry, leave it blank. Jan. 31

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
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ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
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Chapter20: Corporations: Organization And Capital Stock
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Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...
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Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000 shares of $10 par common stock. Journalize the following transactions.

a.  On January 2, Wonder Sales issues 5,000 shares of preferred stock for $110 per share and 65,000 shares of common stock at $10 per share. If an amount box does not require an entry, leave it blank.

Jan. 2 Cash     
       
       
       

b.  On January 25, Wonder Sales issued 250 shares of preferred stock to a Morton Law Firm for settlement of a $36,000 invoice for incorporation services. If an amount box does not require an entry, leave it blank.

Jan. 25      
       
       

c.  On January 31, Wonder Sales issues 500 shares of common stock to Setup Inc. for fixtures that have a fair market value of $8,500. If an amount box does not require an entry, leave it blank.

Jan. 31      
       
       
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