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Journalize the entries for february

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Entries for Issuing No-Par Stock

On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 245,000 shares of no-par common stock (with a stated value of $3) at $12, and on August 3, it issued for cash 20,000 shares of preferred stock, $65 par at $70.

Problem a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.

Reference no: EM132936244

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