Johnson Corporation Had the Following Transactions

question 38

Essay

Johnson Corporation had the following transactions:
1.Issued 7,000 shares of common stock with a stated value of $15 per share for $155,000.
2.Issued 3,000 shares of $100 par value preferred stock at $117 per share for cash.
Required:
Prepare the journal entries for the above transactions.Omit explanations.

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Definitions:

Season Ticket

a ticket that grants the holder access to a series of events, typically sports games or concerts, over a certain period.

Theatre

A branch of the performing arts that involves live performers enacting stories in front of an audience, often in a specialized building.

Revising the Report

The process of critically reviewing and making necessary corrections or improvements to a report.

Submitting the Report

The act of presenting or delivering a report for review and consideration by others, typically in a formal or professional context.