Prepare the journal entries for Mayhem Manufacturing:

June 10 Incurred organization costs totaling $7,500

June 14 Issued 10,000 shares of $11 par value common stock for $120,000

June 22 Issued 3,000 shares of 7%, $30 par value preferred stock for $120,000

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26 June, 03:47

Prepare the journal entries for Mayhem Manufacturing:

June 10 Incurred organization costs totaling $7,500

June 14 Issued 10,000 shares of $11 par value common stock for $120,000

June 22 Issued 3,000 shares of 7%, $30 par value preferred stock for $120,000

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Nola Freeman · Answer 1

Organization Expenses Dr 7,500

Cash 7,500

June 14 Cash Dr 120,000

Common Stock 110,000

Paid-In Capital in Excess of par value-Common 10,000

June 22 Cash Dr 120,000

Preferred Stock 90,000

Paid-In Capital in Excess of par value-Preferred 30,000

Prepare the journal entries for Mayhem Manufacturing:June 10 Incurred organization costs totaling $7,500June 14 Issued 10,000 shares of $11 par value common stock for $120,000June 22 Issued 3,000 shares of 7%, $30 par value preferred stock for $120,000

Prepare the journal entries for Mayhem Manufacturing:

June 10 Incurred organization costs totaling $7,500

June 14 Issued 10,000 shares of $11 par value common stock for $120,000

June 22 Issued 3,000 shares of 7%, $30 par value preferred stock for $120,000