On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 260,000 shares of no-par common stock (with a stated value of $2) at $8, and on August 3, it issued for cash 10,000 shares of $80 par preferred stock at $87. Question Content Area a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.

On February 12, Quality Carpet Inc., a carpet wholesaler, issued for cash 260,000 shares of no-par common stock (with a stated value of $2) at $8, and on August 3, it issued for cash 10,000 shares of $80 par preferred stock at $87. Question Content Area a. Journalize the entries for February 12 and August 3, assuming that the common stock is to be credited with the stated value.

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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