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

question 66

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.
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(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.
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(b) On January 25, Wonder Sales issued 250 shares of preferred stock to a Morton Law Firm for settlement of a $36,000 invoice for incorporation services.
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(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:

Nonslip Walking Surface

A type of flooring designed to prevent slipping and falls, commonly used in work areas, bathrooms, and other places prone to wetness or spills.

Sling

A bandage or device used to support an injured part of the body, especially a broken arm.

Body Mechanics

The use of one's body to produce motion that is safe, efficient, and ergonomically correct, typically to prevent injury.

Good Posture

The alignment of the body in a way that supports optimal bodily function and minimizes stress on muscles, joints, and ligaments.