Question

On January 22, Shamrock Corporation issued for cash 15,000 shares of no-par common stock at $15. On February 14, Shamrock issued at par value 2,000 shares of preferred 6% stock, $60 par for cash. On August 30, Shamrock issued for cash 25,000 shares of preferred 6% stock, $60 par at $67.

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
Feb. 14
Aug. 30

Answer 1

Date	Account titles and Explanation	Debit	Credit
Jan.22	Cash ( 15,000 Shares x $ 15)	$ 225,000
	Common Stock		$ 225,000
	(To record the issue of common stock )
Feb.14	Cash ( 2,000 Shares x $ 60)	$ 120,000
	Preferred Stock		$ 120,000
	(To record the issue of Preferred stock )
Aug.30	Cash ( 25,000 Shares x $ 67)	$ 1,675,000
	Preferred Stock             ( 25,000 Shares x $ 60)		$ 1,500,000
	Paid -in-Capital in Excess of par - Preferred Stock               ( 25,000 Shares x ($ 67 (-) $ 60))		$ 175,000
	(To record the issue of Preferred stock )