Wonder Sales Is Authorized to Issue 100,000 Shares of 2

question 28

Essay

Wonder Sales is authorized to issue 100,000 shares of 2%, $100 par preferred stock and 1,000,000 shares of $10 par common stock. Journalize the following transactions:​
(a) On January 2, Wonder Sales issues 5,000 shares of preferred stock for $110 per share and 65,000 shares of common stock at $10 per share.​
(b) On January 25, Wonder Sales issues 250 shares of preferred stock to Morton Law Firm for settlement of a $36,000 invoice for incorporation services.​
(c) On January 31, Wonder Sales issues 500 shares of common stock to Setup Inc. for fixtures that have a fair market value of $8,500.

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Definitions:

SetVisible

A method in Java Swing that sets the visibility of a component, making it visible or invisible at runtime.

Pay Rate

The amount of money that is paid to an employee per unit of time or per task completed.

Hours Worked

The total amount of time an employee spends doing their job within a specified period.

AddActionListener

A method used in Java programming to attach an event listener to a button or other interactive component.