On August 7, Asian Artifacts Corporation issued for cash 300,000 shares of no-par common stock at $1.75.

Question:

On August 7, Asian Artifacts issued for cash 300,000 shares of no-par at $1.75. On September 1, Asian Artifacts issued 25,000 shares of 2%, $40 preferred stock at par for cash. On November 2, Asian Artifacts issued for cash 10,000 shares of 2%, $40 par preferred stock at $52. Journalize the entries to record the August 7, September 1, and November 2 transactions.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...