Stonehurst Corporation Is Authorized to Issue 100,000 Shares of $5 $\$ 7,000$

question 9

Essay

Stonehurst Corporation is authorized to issue 100,000 shares of $5 stated value common stock and 2,000 shares of $100 par value,6 percent preferred stock.Prepare entries in journal form without explanations to record the following transactions:
July 15 Issued 1,000 shares of common stock to an attorney for a bill of $\$ 7,000$ in connection with the organization of the corporation.
25 Issued 2,000 shares of preferred stock for cash of $\$ 120$ per share.
27 Issued 10,000 shares of common stock in exchange for land for a plant site valued at $\$ 75,000$ .

Aug. 1 Issued 5,000 shares of common stock for $\$ 35,000$ in cash.

---

Definitions:

Shape Style

Formatting options in graphic design and document editing software that allow customization of shapes’ visual appearance.

Shape Height

A property in graphical software that specifies the vertical dimension of a shape or object.

Shape Width

A property of graphical objects in computing that refers to the extent or measurement of an object's side-to-side dimension.

Cell Shading

A technique used in visual applications, such as spreadsheets and graphic design, to fill cells with solid colors or patterns to differentiate or highlight them.