Orange Office Supply Corporation completed the following stock issuance transactions: Mar. 28 Issued 5,000 shares of $4
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Question:
Orange Office Supply Corporation completed the following stock issuance transactions:
Mar. 28 | Issued 5,000 shares of $4 stated value common stock for cash of $20 per share |
May 1 | Received merchandise inventory with a market value of $46,000 in exchange for 2,000 shares of the $4 stated value common stock. |
May 14 | Issued 450 shares of 5%, $20 par value preferred stock for $50 per share |
Prepare the journal entries to record these transactions. Explanations are not required.
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
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