Exercise 13-5 Quay Co. had the following transactions during the ourrent period.

Question

Exercise 13-5 Quay Co. had the following transactions during the ourrent period. Mar. 2 Issued 4,500 shares of $6 par value common stock to attorneys in payment of a bill for $32,600 for services performed in helping the company to incorporate. June 12 Issued 55,200 shares of $6 par value common stock for cash of $401,700. July 11 Issued 2,975 shares of $110 par value preferred stock for cash at $140 per share. Nov. 28 Purchased 2,730 shares of treasury stock for $80,500. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is ente Do not indent manually)

Explanation / Answer

Quay Company

Journal

Kindly give a positive rating if you are satisfied with the solution. Feel free to ask if you have any doubt. Thanks.

Date Account titles and explanation Debit Credit March 2 Organization cost 32,600 Common stock 27,000 Paid in capital in excess of par value 5,600 June 12 Cash 401,700 Common stock 331,200 Paid in capital in excess of par value 70,500 July 11 Cash 416,500 Preferred stock 327,250   Paid in capital in excess of par value 89,250 Nov.28 Treasury stock 80,500 Cash 80,500

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.