On June 1 InBeat CD Shop was incorporated and authorized to issue 1,000 shares of $100 par, preferred 9% stock, and 10,000 shares of $25 par common stock.

Instructions 

In your working papers, record the following trans actions on general journal page 1.

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Date Transactions June 1 Issued 200 shares of preferred 9% stock at $100 per share, Memorandum 3. 2 Issued 3,000 shares of common stock at $25 per share, Memorandum 7. 6 Received $31 per share for 2,000 shares of common stock issued, Memorandum 10. 7 Issued 50 shares of preferred 9% stock at par, Memorandum 11.