Problem regarding shares of no-par common stock

Assignment Help Accounting Basics

Reference no: EM13136243

Pinson Corporation was organized on January 1, 2010. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 80,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 12,000 shares of preferred stock for cash at $54 per share.
May 1 Issued 120,000 shares of common stock for cash at $5 per share.
Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share.
Nov. 1 Issued 3,000 shares of preferred stock for cash at $56 per share.

Journalize the transactions.

Reference no: EM13136243

Questions Cloud

Foster new connections and seek information and advice. : Relationships are all there is. Everything in the universe only exists because it is in relationship to everything else. Nothing exists in isolation. We have to stop pretending we are individuals who can go it alone.Consider new ways in which you mig..

Positive-negative aspects of government in education : Discuss the federal role in education against the state role. Explain some of the positives and negatives for the federal presence.

Potential problems : Give an example of using a co-routine in which it is not possible to use a subroutine to accomplish the same task, provide code if necessary

Governments role in social welfare : Discuss the philosophical positives and negatives in relation to the government's role in social welfare. Include examples of social insurance and public assistance programs

Problem regarding shares of no-par common stock : Pinson Corporation was organized on January 1, 2010. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were ..

How sample have come from normal population : Find the mean, median, mode, sample variance, and range. Do you think that this sample might have come from a normal population? Why or why not?

Short discussion on obamacare : Few pieces of legislation have created as much controversy as the Patient Protection and Affordable Care Act, popularly known as Obamacare.

Calculate the molar concentration of cl- : A 325-mL sample of solution contains 25.3 g of CaCl2, which is fully dissolved. Calculate the molar concentration of Cl- in this solution.

State and federal constitutions : What common elements separate state and federal constitutions, and why would certain elements seemingly be more effective on a local level?

User Account

All Pages