Comprehensive Problem 4 Part 1: Selected transactions completed by Equinox Produ

Question

Comprehensive Problem 4
  Part 1:

Selected transactions completed by Equinox Products Inc. during the fiscal year ended December 31, 2014, were as follows:

1.  Journalize the selected transactions.

If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank.

a.  Issued 15,000 shares of $20 par common stock at $30, receiving cash.

b.  Issued 4,000 shares of $80 par preferred 5% stock at $100, receiving cash.

Explanation / Answer

a Cash 450000 To common stock 300000 To premium on issue of common stock 150000 b Cash 400000 To preferred stock 320000 To premium on issue of preferred stock 80000

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