Journalizing Transactions of Stock
Garza Co. had the following transactions during the current period.
Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate.
Issued 60,000 shares of $1 par value common stock for cash of $375,000.
Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Purchased 2,000 shares of treasury stock for $80,000.
Journalize the transactions.© SolutionLibrary Inc. solutionlibary.com 9836dcf9d7 https://solutionlibrary.com/business/finance/journalizing-transactions-of-stock-7ga3
June 12 DR. Cash A/c $375,000
CR. Common Stock A/c $ 60,000
CR. Additional Paid-in-capital A/c ...