June 7Issued 4,000 shares of $3 par value common stock for cash of $12 per shareAug. 16Issued 400 shares of no-par preferred stock for $25,000 cashSept. 19Received equipment with a market value of $75,000 in exchange for 5,000 shares of the $3 par value common stockHi, I'm not totally positive on how to journal these entries.

Answered: June 7 Issued 4,000 shares of $3 par…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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June 7	Issued 4,000 shares of $3 par value common stock for cash of $12 per share
Aug. 16	Issued 400 shares of no-par preferred stock for $25,000 cash
Sept. 19	Received equipment with a market value of $75,000 in exchange for 5,000 shares of the $3 par value common stock

Hi, I'm not totally positive on how to journal these entries.

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