A company is authorized to issue 50,000 shares of $50 par,10%,noncumulative,nonparticipating preferred stock,and 500,000 shares of no-par common stock.Prepare journal entries to record the following selected transactions that occurred during this year:
$\begin{array}{|c|l|}
\hline \text { Mar. 1 } & \text { Issued 1,000 shares of common stock for } \$ 30 \text { cash per share. } \
\hline 15 & \begin{array}{l}
\text { Exchanged } 2,000 \text { shares of preferred stock for equipment and merchandise } \
\text { inventory with market values of } \$ 90,000 \text { and } \$ 20,000, \text { respectively. }
\end{array} \
\hline
\end{array}$

Question

A company is authorized to issue 50,000 shares of $50 par,10%,noncumulative,nonparticipating preferred stock,and 500,000 shares of no-par common stock.Prepare journal entries to record the following selected transactions that occurred during this year:
 $\begin{array}{|c|l|}
\hline \text { Mar. 1 } & \text { Issued 1,000 shares of common stock for } \$ 30 \text { cash per share. } \
\hline 15 & \begin{array}{l}
\text { Exchanged } 2,000 \text { shares of preferred stock for equipment and merchandise } \
\text { inventory with market values of } \$ 90,000 \text { and } \$ 20,000, \text { respectively. }
\end{array} \
\hline
\end{array}$

Quizplus · Accepted Answer

The Answer of A company is authorized to issue 50,000 shares of $50 par,10%,noncumulative,nonparticipating preferred stock,and 500,000 shares of no-par common stock.Prepare journal entries to record the following selected transactions that occurred during this year:
 $\begin{array}{|c|l|}
\hline \text { Mar. 1 } & \text { Issued 1,000 shares of common stock for } \$ 30 \text { cash per share. } \
\hline 15 & \begin{array}{l}
\text { Exchanged } 2,000 \text { shares of preferred stock for equipment and merchandise } \
\text { inventory with market values of } \$ 90,000 \text { and } \$ 20,000, \text { respectively. }
\end{array} \
\hline
\end{array}$

A Company Is Authorized to Issue 50,000 Shares of $50