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Entries for Issuing Stock
On January 22, Shamrock Corporation issued for cash 21,000 shares of no-par common stock at $25. On February 14, Shamrock issued at par value 7,000 shares of preferred 5% stock, $75 par for cash. On August 30, Shamrock issued for cash 26,000 shares of preferred 5% stock, $75 par at $83.
Problem 1: Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank.
Accounts ReceivableCashCommon StockPaid-In Capital in Excess of Par-Preferred StockPreferred StockRetained Earnings
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