Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. blossom company was organized on january 1,2022. i

Blossom Company was organized on January 1,2022. It is authorized to issue 14,500 shares oF...

50.1K

Verified Solution

Question

Accounting

Blossom Company was organized on January 1,2022. It is authorized to issue 14,500 shares oF 8%,$100par value preferred stock, and 450,000 shares of no-par common stock with a stated value of$3per share. The following stock transactions were completed during the first year. Jan. 10 Issued 84,500 shares of common stock for cash at$6per share. Mar. 1 Issued 5,150 shares of preferred stock for cash at$110per share. Apr. 1 Issued 23,500 shares of common stock for land. The asking price of the land was$91,000. The fair value of the land was$81,500. May. 1 Issued 84,000 shares of common stock for cash at$5.00per share. Aug. 1 Issued 10,000 shares of common stock to attorneys in payment of their bill of$39,500for services performed in helping the company organize. Sept. 1 Issued 11,500 shares of common stock for cash at$7per share. Nov. 1 Issued 2,000 shares of preferred stock for cash at$111per share. (a) Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students