On January 22, Limerick Corporation issued for cash 15,000 shares of no-par common stock at $15. On February 14, Limerick issued at par 3,000 shares of 5%, $80 par preferred stock for cash. On August 30, Limerick Corporation issued for cash 12,000 shares of preferred 5% stock, $80 par at $90. Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
On January 22, Limerick Corporation issued for cash 15,000 shares of no-par common stock at $15. On February 14, Limerick issued at par 3,000 shares of 5%, $80 par preferred stock for cash. On August 30, Limerick Corporation issued for cash 12,000 shares of preferred 5% stock, $80 par at $90. Journalize the entries to record the January 22, February 14, and August 30 transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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On January 22, Limerick Corporation issued for cash 15,000 shares of no-par common stock at $15. On February 14, Limerick issued at par 3,000 shares of 5%, $80 par
For a compound transaction, if an amount box does not require an entry, leave it blank.
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