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

question 91

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 $\quad$ 15 $\quad$ Issued 1,000 shares of common stock to an attorney for a bill of $\$ 7,000$ in connection with the organization of the corporation.
$\quad$ $\quad$ 25 $\quad$ Issued 2,000 shares of preferred stock for cash of $\$ 120$ per share.
$\quad$ $\quad$ 27 $\quad$ Issued 10,000 shares of common stock in exchange for land for a plant site valued at $\$ 75,000$ .

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

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