Current Attempt in Progress Sage Corporation was organized on June 1, 2020. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock, and 1,750,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. June 15 June 30 Aug. 15 Sept. 1 Oct. 1 Oct. 15 Nov. 1 Issued 166,000 shares of common stock for cash at $5 per share. Issued 26,000 shares of preferred stock for cash at $102 per share. Issued 19,700 shares of common stock for a factory building. The asking price of the factory building was $147,750; the appraised value of the factory building was $137,900. Issued 199,000 shares of common stock for cash at $7 per share. Issued 5,100 shares of common stock to attorneys in payment of their bill of $40,800 for services rendered in helping the company organize. Issued 23,800 shares of common stock for cash at $8.50 per share. Issued 6,400 shares of preferred stock for cash at $104 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Current Attempt in Progress Sage Corporation was organized on June 1, 2020. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock, and 1,750,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year. June 15 June 30 Aug. 15 Sept. 1 Oct. 1 Oct. 15 Nov. 1 Issued 166,000 shares of common stock for cash at $5 per share. Issued 26,000 shares of preferred stock for cash at $102 per share. Issued 19,700 shares of common stock for a factory building. The asking price of the factory building was $147,750; the appraised value of the factory building was $137,900. Issued 199,000 shares of common stock for cash at $7 per share. Issued 5,100 shares of common stock to attorneys in payment of their bill of $40,800 for services rendered in helping the company organize. Issued 23,800 shares of common stock for cash at $8.50 per share. Issued 6,400 shares of preferred stock for cash at $104 per share. Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Account
Transcribed Image Text:Current Attempt in Progress
Sage Corporation was organized on June 1, 2020. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock,
and 1,750,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed
during the first year.
June 15
June 30
Aug. 15
Sept. 1
Oct. 1
Oct. 15
Nov. 1
Issued 166,000 shares of common stock for cash at $5 per share.
Issued 26,000 shares of preferred stock for cash at $102 per share.
Issued 19,700 shares of common stock for a factory building. The asking price of the factory building was $147,750;
the appraised value of the factory building was $137,900.
Issued 199,000 shares of common stock for cash at $7 per share.
Issued 5,100 shares of common stock to attorneys in payment of their bill of $40,800 for services rendered in helping
the company organize.
Issued 23,800 shares of common stock for cash at $8.50 per share.
Issued 6,400 shares of preferred stock for cash at $104 per share.
Prepare the journal entries to record the above transactions. (Credit account titles are automatically indented when amount is entered. Do
not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Transcribed Image Text:Date
June 15 V
June 30
Aug. 15
Sept. 1
Oct 1
Oct 15
Nov. 1
Account Titles and Explanation
Debit
Credit
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