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Entries for Issuing Stock On January 22, Zentric Corporation issued for cash 160,000 shares...

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Accounting

Entries for Issuing Stock
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.
Jan. 22
x
Feb. 14
Preferred Stock
Aug. 30
Paid-In Capital in Excess of Par-Preferred Stock q,
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Recall that a separate account is used for recording the amount of each class of stock issued to investors in a corporation. Recall the definition of legal capital and what affect that has on recording the sale of stock.
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