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.© BrainMass Inc. brainmass.com June 3, 2020, 10:43 pm ad1c9bdddf
Mar 2 DR. Expenses A/c $30,000
CR. Common Stock A/c $5,000
CR. Additional Paid-in-capital A/c ...
This solution journalizes the issuance of common and preferred stock and purchase of treasury stock from March to November.