**Sullivan, Inc. Stock Issuance Transactions**Sullivan, Inc., is authorized to issue the following shares:1. **Common Stock:** - 275,000 shares with a par value of $5 each.2. **Preferred Stock:** - 50,000 shares with a 9% dividend and a $50 par value.**September Transactions:**- **September 1:** Issued 50,000 shares of common stock at $22.50 per share for cash.- **September 12:** Issued 20,000 shares of common stock at $18 per share for cash.- **September 23:** Issued 4,350 shares of $5 par value common stock in exchange for equipment valued at $21,750.- **September 28:** Issued 5,000 shares of preferred 9% stock at $57.50 per share for cash.**Requirement:**Record these transactions in general journal form.

The journal entries are prepared to record the transactions on a regular basis. The additional…

Answered: 30. Sullivan, Inc., has a charter…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Wingra Corporation was organized in March. It is authorized to issue 550,000 shares of $100 par value 10% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions: Mar. 1 Issued 20,000 shares of preferred stock at $115 per share. Mar. 2 Issued 150,000 shares of common stock at $13 per share. Apr. 10 Issued 15,000 shares of common stock for equipment valued at $198,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment. Jun. 12 Issued 12,000 shares of common stock at $15 per share. Aug. 5 Issued 1,000 shares of preferred stock at $112 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Mar. 1 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9 Mar.…

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