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Johnson Corporation Had the Following Transactions

Question 5

Essay

Johnson Corporation had the following transactions:
1.Issued 7,000 shares of no-par common stock with a stated value of $15 per share for $155,000.
2.Issued 3,000 shares of $100 par value preferred stock at $117 per share for cash.
Required:
Prepare the journal entries for the above transactions.Omit explanations.
Johnson Corporation had the following transactions: 1.Issued 7,000 shares of no-par common stock with a stated value of $15 per share for $155,000. 2.Issued 3,000 shares of $100 par value preferred stock at $117 per share for cash. Required: Prepare the journal entries for the above transactions.Omit explanations.

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