Blossom Corporation had the following transactions during the current period. Mar. 2 June 12 Issued 5,200...

 

Transcribed Image Text:

Blossom Corporation had the following transactions during the current period. Mar. 2 June 12 Issued 5,200 common shares to its legal counsel in payment of a bill for $31,200 for services performed in helping the company incorporate. Issued 62,400 common shares for $390,000 cash. July 11 Issued 1,040, $3 noncumulative preferred shares at $110 per share cash. Nov. 28 Issued 2,080, $3 noncumulative preferred shares at $95 per share cash. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Blossom Corporation had the following transactions during the current period. Mar. 2 June 12 Issued 5,200 common shares to its legal counsel in payment of a bill for $31,200 for services performed in helping the company incorporate. Issued 62,400 common shares for $390,000 cash. July 11 Issued 1,040, $3 noncumulative preferred shares at $110 per share cash. Nov. 28 Issued 2,080, $3 noncumulative preferred shares at $95 per share cash. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)

Answer rating: 100% (QA)

Here are the journal entries for the transactions Mar ... View the full answer