Question

Sydney Systems completed the following stock issuance transactions:
Sep 19 Issued 1,500 shares of $5 par common stock for cash of $10.50 per share.
Oct 3 Sold 200 shares of $3.00, no-par preferred stock for $10,000 cash.
11 Received inventory with a market value of $23,000 and equipment with a market value of $11,000. Issued 3,000 shares of the $5 par common stock in exchange.

Requirements
1. Journalize the transactions. Explanations are not required.
2. How much paid-in capital did these transactions generate for Sydney Systems?



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  • CreatedApril 29, 2014
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