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5 March, 17:47

On January 22, Muir Corporation issued for cash 20,000 shares of no-par common stock at $30. On February 14, Muir issued at par 3,000 shares of 6%, $50 par preferred stock for cash. On August 30, Muir Corporation issued for cash 25,000 shares of preferred 6% stock, $50 par at $54. 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.

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  1. 5 March, 18:17
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    Jan 22

    Dr Cash 600,000

    Cr Common stock 600,000

    Feb 14

    Dr Cash 150,000

    Cr Preferred stock 150,000

    Aug 30

    Dr Cash 1,350,000

    Cr Preferred stock 1,250,000

    Cr Paid in capital excess of par preferred stock 100,000

    Explanation:

    Muir Corporation Journal entries

    Date Accounts Debit Credit

    Jan 22

    Dr Cash (20,000*30) 600,000

    Cr Common stock 600,000

    Feb 14

    Dr Cash (3000*50) 150,000

    Cr Preferred stock 150,000

    Aug 30

    Dr Cash (25,000*54) 1,350,000

    Cr Preferred stock (25,000*50) 1,250,000

    Cr Paid in capital excess of par preferred stock 100,000
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