Quay Co. had the following transactions during the current period. Mar. 2 Issued
ID: 2438287 • Letter: Q
Question
Quay Co. had the following transactions during the current period. Mar. 2 Issued 4,200 shares of $7 par value common stock to attorneys in payment of a bill for $33,700 for services performed in helping the company to incorporate June 12 Issued 59,900 shares of $7 par value common stock for cash of $496,200 July 11 Issued 2,550 shares of $120 par value preferred stock for cash at $130 per share Nov. 28 Purchased 3,350 shares of treasury stock for $80,500 ournalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit CreditExplanation / Answer
Journal Entries
date
explanation
debit
credit
2-Mar
Accounts payable (Attorney fee)
33700
common stock
29400
additional paid in capital
4300
12-Jun
cash
496200
common stock
419300
additional paid in capital
76900
11-Jul
cash
331500
preferred stock
306000
additional paid in capital-preferred stock
25500
28-Nov
treasury stock
80500
cash
80500
Journal Entries
date
explanation
debit
credit
2-Mar
Accounts payable (Attorney fee)
33700
common stock
29400
additional paid in capital
4300
12-Jun
cash
496200
common stock
419300
additional paid in capital
76900
11-Jul
cash
331500
preferred stock
306000
additional paid in capital-preferred stock
25500
28-Nov
treasury stock
80500
cash
80500