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Ava School of Learning obtained a charter at the start of the year that authorized...

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Accounting

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Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred: a. Collected $39 cash per share from four individuals and issued 4,900 shares of common stock to each. b. Issued 5,900 shares of common stock to an outside investor at $39 cash per share. c. Issued 7,900 shares of preferred stock at $21 cash per share. Required 1. Prepare the journal entries indicated for each of these transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the issuance to four individuals of 4,900 shares each of common stock with no par value for a price of $39 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

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