Wingra Corporation was organized in March. It is authorized to issue 600,000 shares of $100 par value 6% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions:Mar. 1Issued 10,000 shares of preferred stock at $115 per share.Mar. 2 Issued 130,000 shares of common stock at $13 per share.Apr. 10Issued 15,000 shares of common stock for equipment valued at $196,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment.Jun. 12Issued 12,000 shares of common stock at $15 per share.Aug. 5Issued 1,000 shares of preferred stock at $112 per share.Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.Mar. 1 - Select -- Select -Mar. 2 - Select -- Select - - Select -- Select - - Select -- Select -Apr. 10 - Select -- Select - - Select -- Select - - Select -- Select -Jun. 12 - Select -- Select - - Select -- Select - - Select -- Select -Aug. 5 - Select -- Select - - Select -- Select - - Select -- Select -

journal entries: Date particulars Debit Credit Mar 1 Cash [10,000 x $115] $1,150,000…

Answered: ingra Corporation was organized in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Wingra Corporation was organized in March. It is authorized to issue 600,000 shares of $100 par value 6% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock. In its first year, the corporation has the following transactions:

Mar. 1	Issued 10,000 shares of preferred stock at $115 per share.
Mar. 2	Issued 130,000 shares of common stock at $13 per share.
Apr. 10	Issued 15,000 shares of common stock for equipment valued at $196,000. The stock is currently trading at $12 per share, and is a more reliable indicator of the value of the equipment.
Jun. 12	Issued 12,000 shares of common stock at $15 per share.
Aug. 5	Issued 1,000 shares of preferred stock at $112 per share.

Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

Mar. 1

	- Select -	- Select -
Mar. 2	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
Apr. 10	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
Jun. 12	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
Aug. 5	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -

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