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Martinez Corp. was organized on January 1, 2025. It is authorized to issue 23,000 shares of 5%, $50 par value preferred stock and 458,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 69,000 shares of common stock for cash at $5 per share. 1 Issued 14,000 shares of preferred stock for cash at $53 per share. May 1 Issued 114,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 4,800 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,800 shares of preferred stock for cash at $56 per share. Mar. Journalize the transactions. (Record journal entries in the order presented in the problem. 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. List all debit entries before credit entries.)

Martinez Corp. was organized on January 1, 2025. It is authorized to issue 23,000 shares of 5%, $50 par value preferred stock and 458,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 69,000 shares of common stock for cash at $5 per share. 1 Issued 14,000 shares of preferred stock for cash at $53 per share. May 1 Issued 114,000 shares of common stock for cash at $7 per share. Sept. 1 Issued 4,800 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,800 shares of preferred stock for cash at $56 per share. Mar. Journalize the transactions. (Record journal entries in the order presented in the problem. 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. List all debit entries before credit entries.)

FINANCIAL ACCOUNTING
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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answer in text form please (without image), Note: .Every entry should have narration please
Martinez Corp. was organized on January 1, 2025. It is authorized to issue 23,000 shares of 5%, $50 par value preferred stock and 458,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 69,000 shares of common stock for cash at $5 per share. Issued 14,000 shares of preferred stock for cash at $53 per share. Issued 114,000 shares of common stock for cash at $7 per share. Issued 4,800 shares of common stock for cash at $6 per share. Issued 2,800 shares of preferred stock for cash at $56 per share. Mar. 1 May Sept. 1 1 Nov. 1 Journalize the transactions. (Record journal entries in the order presented in the problem. 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. List all debit entries before credit entries.)
Transcribed Image Text:Martinez Corp. was organized on January 1, 2025. It is authorized to issue 23,000 shares of 5%, $50 par value preferred stock and 458,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Issued 69,000 shares of common stock for cash at $5 per share. Issued 14,000 shares of preferred stock for cash at $53 per share. Issued 114,000 shares of common stock for cash at $7 per share. Issued 4,800 shares of common stock for cash at $6 per share. Issued 2,800 shares of preferred stock for cash at $56 per share. Mar. 1 May Sept. 1 1 Nov. 1 Journalize the transactions. (Record journal entries in the order presented in the problem. 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. List all debit entries before credit entries.)
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