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.

Question

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The Answer of 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