Erogomomics Supply Inc., organized on July 1 of the current year with the authorization of 80,000 shares of preferred stock, $50 par, and 900,000 shares of common stock $11 par. The following selected transactions were completed during the first year of operations: July 1: Issued 260,000 shares of common stock at PAR for cash. July 1: Issued 25,000 shares of preferred stock for $75 cash. Instructions: Journalize the July Stock Issuances.

Erogomomics Supply Inc., organized on July 1 of the current year with the authorization of 80,000 shares of preferred stock, $50 par, and 900,000 shares of common stock $11 par. The following selected transactions were completed during the first year of operations: July 1: Issued 260,000 shares of common stock at PAR for cash. July 1: Issued 25,000 shares of preferred stock for $75 cash. Instructions: Journalize the July Stock Issuances.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 10EB: Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first...

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