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On August 3, 2019, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of no-par, no-stated-value common stock for $22 per share. The subscription contracts require a 10% down payment, with the balance due by Novem-ber 1, 2019. Shares are issued to each subscriber upon full payment. On November 1, Quinn received the remain-ing balances for the shares of preferred stock and common stock. Required: Prepare journal entries to record all the transactions related to: 1. the preferred stock 2. the common stock

On August 3, 2019, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of no-par, no-stated-value common stock for $22 per share. The subscription contracts require a 10% down payment, with the balance due by Novem-ber 1, 2019. Shares are issued to each subscriber upon full payment. On November 1, Quinn received the remain-ing balances for the shares of preferred stock and common stock. Required: Prepare journal entries to record all the transactions related to: 1. the preferred stock 2. the common stock

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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P15-1 Subscriptions On August 3, 2019, the date of incorporation, Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of no-par, no-stated-value common stock for $22 per share. The subscription contracts require a 10% down payment, with the balance due by Novem-ber 1, 2019. Shares are issued to each subscriber upon full payment. On November 1, Quinn received the remain-ing balances for the shares of preferred stock and common stock.

Required:

Prepare journal entries to record all the transactions related to:

1. the preferred stock

2. the common stock

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