Prytania Corporation is authorized to issue 1000000 shares of $5 par value common stock. During 2017 its first year of operation the company has the following stock transactions. Jan. 1 $\quad $Paid the state $\$ 5,000$ for incorporation fees.
Jan. 15 $\quad $Issued 500,000 shares of stock at $\$ 6$ per share.
Jan. 30 $\quad $ Attorneys for the company accepted 500 shares of common stock as payment for legal service sendered in helping the company incorporate. The legal services are estimated to have a value of $\$ 7,000$.
July 2 $\quad $Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $\$ 8$ per share.
Sept. 5 $\quad $ Purchased 15,000 shares of common stock for the treasury at $\$ 9$ per share.
Dec. 6 $\quad $Sold 11,000 shares of the treasury stock at $\$ 11$ per share. Instructions
Journalize the transactions for Prytania Corporation.

Question

Prytania Corporation is authorized to issue 1000000 shares of $5 par value common stock. During 2017 its first year of operation the company has the following stock transactions. Jan. 1  $\quad $Paid the state $\$ 5,000$ for incorporation fees.
Jan. 15  $\quad $Issued 500,000 shares of stock at $\$ 6$ per share.
Jan. 30 $\quad $ Attorneys for the company accepted 500 shares of common stock as payment for legal service sendered in helping the company incorporate. The legal services are estimated to have a value of $\$ 7,000$.
July 2  $\quad $Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $\$ 8$ per share.
Sept. 5 $\quad $ Purchased 15,000 shares of common stock for the treasury at $\$ 9$ per share.
Dec. 6  $\quad $Sold 11,000 shares of the treasury stock at $\$ 11$ per share. Instructions
Journalize the transactions for Prytania Corporation.

Quizplus · Accepted Answer

The Answer of Prytania Corporation is authorized to issue 1000000 shares of $5 par value common stock. During 2017 its first year of operation the company has the following stock transactions. Jan. 1  $\quad $Paid the state $\$ 5,000$ for incorporation fees.
Jan. 15  $\quad $Issued 500,000 shares of stock at $\$ 6$ per share.
Jan. 30 $\quad $ Attorneys for the company accepted 500 shares of common stock as payment for legal service sendered in helping the company incorporate. The legal services are estimated to have a value of $\$ 7,000$.
July 2  $\quad $Issued 100,000 shares of stock for land. The land had an asking price of $900,000. The stock is currently selling on a national exchange at $\$ 8$ per share.
Sept. 5 $\quad $ Purchased 15,000 shares of common stock for the treasury at $\$ 9$ per share.
Dec. 6  $\quad $Sold 11,000 shares of the treasury stock at $\$ 11$ per share. Instructions
Journalize the transactions for Prytania Corporation.

Prytania Corporation Is Authorized to Issue 1000000 Shares of $5 \quad

Prytania Corporation Is Authorized to Issue 1000000 Shares of $5 $\quad$