Sheridan Corporation had the following transactions during the current period. Mar. 2 Issued 4,600 common shares to its legal counsel in payment of a bill for $27,600 for services performed in helping the company incorporate. June 12 Issued 55,200 common shares for $345,000 cash. July 11 Issued 920, $3 noncumulative preferred shares at $110 per share cash. Nov. 28 Issued 1,840, $3 noncumulative preferred shares at $95 per share cash. Journalize the transactions.
Sheridan Corporation had the following transactions during the current period. Mar. 2 Issued 4,600 common shares to its legal counsel in payment of a bill for $27,600 for services performed in helping the company incorporate. June 12 Issued 55,200 common shares for $345,000 cash. July 11 Issued 920, $3 noncumulative preferred shares at $110 per share cash. Nov. 28 Issued 1,840, $3 noncumulative preferred shares at $95 per share cash. Journalize the transactions.
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 4PA: Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par...
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