Accounting 26th Edition by Carl Warren ,Jim Reeve ,Jonathan Duchac

Exercise 5

A Entries for issuing stock
On August 26, Mountain Realty Inc. issued for cash 120,000 shares of no-par common stock (with a stated value of $5) at $8. On October 1, Mountain Realty Inc. issued at par value 40,000 shares of preferred 1% stock, $10 par for cash. On November 30, Mountain Realty Inc. issued for cash 18,000 shares of preferred 1% stock, $10 par at $13.
Journalize the entries to record the August 26, October 1, and November 30 transactions.
B Entries for issuing stock
On January 22, Zentric Corporation issued for cash 180,000 shares of no-par common stock at $4. On February 14, Zentric Corporation issued at par value 44,000 shares of preferred 2% stock, $55 par for cash. On August 30, Zentric Corporation issued for cash 9,000 shares of preferred 2% stock, $55 par at $60.
Journalize the entries to record the January 22, February 14, and August 30 transactions.