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25 March, 12:30

Prepare the journal entries for Mayhem Manufacturing:

June 10 Incurred organization costs totaling $7,500

June 14 Issued 10,000 shares of $11 par value common stock for $120,000

June 22 Issued 3,000 shares of 7%, $30 par value preferred stock for $120,000

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  1. 25 March, 15:00
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    Organization Expenses Dr 7,500

    Cash 7,500

    June 14 Cash Dr 120,000

    Common Stock 110,000

    Paid-In Capital in Excess of par value-Common 10,000

    June 22 Cash Dr 120,000

    Preferred Stock 90,000

    Paid-In Capital in Excess of par value-Preferred 30,000
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