Chapter 15, Problem 1P

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 110-par, no-stated-value common stock for $22 per sl1are. The subscription contracts require a 10% down payment, with the balance due by November 1, 2019. Shares are issued to each subscriber upon full payment. On November 1, Quinn received the remaining balances for the shares of preferred stock and common stock.

Required:

Prepare journal entries to record all the transactions related to:

1. 1. the preferred stock
2. 2. the common stock