The Mayfair Corporation was organized on August 1, 2019. The firm is authorized to issue...
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The Mayfair Corporation was organized on August 1, 2019. The firm is authorized to issue 97,000 shares of no-par-value common stock with a stated value of $22 per share and 37,000 shares of $53 par-value, 14 percent preferred stock. Jan. 1 Issued 2,300 shares of common stock to Justin Baker for $22 a share. 1 Issued 2,150 shares of preferred stock to Austin Moore at par value. 6 Issued 2,000 shares of common stock to Mandie Brown for $26 a share. 10 Received a subscription for 2,500 shares of preferred stock from Lauren Durio for $60 a share, payable in two installments due on the 15th and 31st of August. 15 Received payment of stock subscription installment due from Lauren Durio (one-half of the purchase price). 31 Received the balance due on the stock subscription of August 10 fron Lauren Durio. Issued the stock. Record in general Journal form the transactions listed above. View transaction list Journal entry worksheet
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