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

Question

Exercise 13-5 Quay Co. had the following transactions during the current period Mar. 2 Issued 4,200 shares of $7 par value common stock to attorneys in payment of a bill for $35,200 for services performed in helping the company to incorporate. June 12 Issued 59,600 shares of $7 par value common stock for cash of $494,900. July 11 Issued 2,625 shares of $120 par value preferred stock for cash at $140 per share. Nov. 28 Purchased 3,170 shares of treasury stock for $77,500. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) DateAccount Titles and Explanation Debit Credit

Explanation / Answer

Journal entry :

Date account title and explanation debit credit Mar 2 Origanisation fees 35200 Common stock (4200*7) 29400 Paid in capital in excess of par value-common stock 5800 June 12 Cash 494900 Common stock (59600*7) 417200   Paid in capital in excess of par value-common stock 77700 July 11 Cash (2625*140) 367500 Preferred stock (2625*120) 315000   Paid in capital in excess of par value-preferred stock 52500 Nov 28 Treasury stock 77500 Cash 77500

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