ies To Re C 1) Present Entries To C On May 1, 10,000 Sha C Wonder Sales Is Auth

Question

ies To Re C 1) Present Entries To C On May 1, 10,000 Sha C Wonder Sales Is Auth C Wonder Sales Is Auth Wonder Sales ls Auth https://v2.cengagenow.com/ilm/takeAssignment/take AssignmentMain.donnvoker=ass aSearch lly Calculator Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000 shares o 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. Journatize this issuance. If an amount box does not require an entry, leave it blank or enter" par b. On January 25, Wonder Sales issues 250 shares of preferred stock to a Morton Law Firm for settlement of a $36,000 invoice for incorporation services Journalize this issuance. If an amount box does not require an entry, leave it blank or enter "O". 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 $8.50o Journalize this issuance. If an amount box does not require an entry, leave it blank or enter "O" Jan. 31

Explanation / Answer

Date General Journal Debit Credit a. Jan. 2 Cash $1,200,000 Preferred Stock $500,000 Paid-In Capital in Excess of Par—Preferred Stock $50,000 Common Stock $650,000 b. Jan. 25 Organizational Expense $36,000 Preferred Stock $25,000 Paid-In Capital in Excess of Par—Preferred Stock $11,000 c. Jan. 31 Fixtures $8,500 Common Stock $5,000 Paid-In Capital in Excess of Par—Common Stock $3,500

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