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St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Jan. 31 Issued 140,000 common shares at $9 share. Jun. 10 Issued 158,000 preferred shares in exchange for land with a clearly determined value of $900,000. Aug. 3 Issued 12,000 shares of common stock for $9 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31   - Select - - Select -     - Select - - Select -     - Select - - Select - Jun. 10   - Select - - Select -     - Select - - Select -     - Select - - Select - Aug. 3   - Select - - Select -     - Select - - Select -     - Select - - Select -

St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Jan. 31 Issued 140,000 common shares at $9 share. Jun. 10 Issued 158,000 preferred shares in exchange for land with a clearly determined value of $900,000. Aug. 3 Issued 12,000 shares of common stock for $9 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 31   - Select - - Select -     - Select - - Select -     - Select - - Select - Jun. 10   - Select - - Select -     - Select - - Select -     - Select - - Select - Aug. 3   - Select - - Select -     - Select - - Select -     - Select - - Select -

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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St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions:

Jan. 31 Issued 140,000 common shares at $9 share.
Jun. 10 Issued 158,000 preferred shares in exchange for land with a clearly determined value of $900,000.
Aug. 3 Issued 12,000 shares of common stock for $9 per share.

Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

Jan. 31
 
 - Select - - Select -
 
 
 - Select - - Select -
 
 
 - Select - - Select -
Jun. 10
 
 - Select - - Select -
 
 
 - Select - - Select -
 
 
 - Select - - Select -
Aug. 3
 
 - Select - - Select -
 
 
 - Select - - Select -
 
 
 - Select - - Select -
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