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Journalize the transactions for smiths inc

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Reference no: EM132505881

Smiths, Inc is authorized to issue 2,000,000 shares of $4 par value common stock. During 2014 , its first year of operation, the company had the following stock transactions.

  1. Jan 1 Issued 700,000 shares of stock at $9 per share
  2. Feb 10 Attorneys for the company accepted 5,000 shares of common stock as payment for legal services rendered in helping the company incorporate. The legal services are estimated to a value of $30,000.
  3. Apr 15 Issued 300,000 shares of stock for land. The land had an asking price of $ 1,500,000.
  4. Sept 15 Purchased 80,000 shares of its own common stock for the treasury at $11 per share.
  5. Nov 20 Sold 15,000 shares of the treasury stock at $20 per share.

Instructions:

Question 1: Journalize the transactions for Smiths, Inc.

Reference no: EM132505881

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