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Prepare general journal entries to record the transactions

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Reference no: EM132486153

Question - The Lompoc corporation is authorized to issue 610,000 shares of $7 par -value common stock and 210,000 shares of 6%, $107 par-value preferred stock

Jan. 1 the corporation issued 21000 shares of common stock to Charles Bogle for $30000 per share, purchased with cash.

Jan. 2 issued 7000 shares of preferred stock to Floyd Merle for $119 per share, purchased with cash.

Jan. 2 paid the attorney $2300for legal fees, charter fee, and cast of engraving stock certificates.

Required - Prepare the general journal entries to record the transactions.

Reference no: EM132486153

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