Leone Co. had the following transactions during the current period. – Mar. 2 Issued 5,000 shares of $5 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 $5 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. Instructions: Journalize the transactions.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Leone Co. had the following transactions during the current period.

– Mar. 2 Issued 5,000 shares of $5 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 $5 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.

Instructions:

Journalize the transactions.

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