Exercise 11-8
Quay Co. had the following transactions during the current
period.
| Mar. | 2 | Issued 4,100 shares of $6 par value common stock to attorneys in payment of a bill for $29,300 for services performed in helping the company to incorporate. | |
| June | 12 | Issued 63,700 shares of $6 par value common stock for cash of $456,800. | |
| July | 11 | Issued 1,000 shares of $100 par value preferred stock for cash at $140 per share. | |
| Nov. | 28 | Purchased 2,840 shares of treasury stock for $79,500. |
Journalize the transactions.
Entries to record the transaction is as follows:
On March 2
Attorney fees payable A/c Dr. $29,300
To Paid in capital - Common stock Cr. $24,600
To Paid in capital in excess of par Cr. $4,700
On June 12
Cash A/c Dr. $456,800
To Paid in capital- Common Stock Cr. $382,200
To Paid in capital excess of par Cr. $74,600
On July 11
Cash A/c Dr. $140,000
To Paid in capital - Preferred stock Cr. $100,000
To Paid in capital excess of par Cr. $40,000
On Nov. 28
Treasury stock a/c Dr. $79,500
To Cash a/c Cr. $79,500
Exercise 11-8 Quay Co. had the following transactions during the current period. Mar. 2 Issued 4,100...