E11-7 Quay Co. had the following transactions
during the current period.
Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12 Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
File name: E11-7 Quay Co.doc File type: .xls PRICE: $6
Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.
June 12 Issued 60,000 shares of $5 par value common stock for cash of $375,000.
July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28
Purchased
2,000 shares of treasury stock for $80,000.
Instructions
Journalize the
transactions.
TUTORIAL PREVIEW
Mar. 2 Organization
Expense .................................. 30,000
Common Stock (5,000 X $5) ................. 25,000
Paid-in Capital in Excess of Par
Value—Common Stock ..................... 5,000
File name: E11-7 Quay Co.doc File type: .xls PRICE: $6
