Journal Entries for Garza Co.
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Garza Co. had the following transactions during the current period.
Mar. 2 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.
June 12 Issued 60,000 shares of $1 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.
Journalize the transactions.
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Solution Summary
The solution explains the journal entries to be made for various capital stock transactions undertaken by Garza Co.
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Mar. 2  Organization Expense 30,000 
Common Stock (5,000 X $1) 5,000  
Paid-in Capital in Excess ...
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