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23 January, 19:49

On January 22, Zentric Corporation issued for cash 160,000 shares of no-par common stock at $8. On February 14, Zentric issued at par value 45,000 shares of preferred 2% stock, $50 par for cash. On August 30, Zentric issued for cash 10,000 shares of preferred 2% stock, $50 par at $56. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank.

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  1. 23 January, 20:23
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    Jan 22

    Dr Cash 1,280,000

    Cr Common stock 1,280,000

    Feb 15

    Dr Cash 2,250,000

    Cr Preferred stock 2,250,000

    Aug 30

    Dr Cash 560,000

    Cr Preferred stock 500,000

    Cr Paid in capital in excess of par value-Preferred stock 60,000

    Explanation:

    Journal entry

    Jan 22

    Dr Cash 1,280,000

    (160,000 shares of no-par common stock * $8.)

    Cr Common stock 1,280,000

    Feb 15

    Dr Cash 2,250,000

    (45,000 shares * $50 par for cash)

    Cr Preferred stock 2,250,000

    Aug 30

    Dr Cash (10000*56) 560000

    Cr Preferred stock (10000*50) 500000

    Cr Paid in capital in excess of par value-Preferred stock 60000
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