The Mayfair Corporation was organized on August 1, 2019. The firm is authorized to issue 80,000 shares of no-par-value common stock with a stated value of $20 per share and 20,000 shares of $50 par-value, 12 percent preferred stock. Record the selected transactions on page 1 of a general journal. Omit descriptions.
Aug. 1 Issued 600 shares of common stock to Justin Baker for $20 a share.
1 Issued 450 shares of preferred stock to Austin Moore at par value.
6 Issued 300 shares of common stock to Mandie Brown for $24 a share.
10 Received a subscription for 800 shares of preferred stock from Lauren Durio for
$55 a share, payable in two installments due on the 15th and 31st of August.
15 Received payment of stock subscription installment due from Lauren Durio (one-half of the purchase price).
31 Received the balance due on the stock subscription of August 10 from Lauren Durio. Issued the stock.

Question

Quizplus · Accepted Answer

The Answer of The Mayfair Corporation was organized on August 1, 2019. The firm is authorized to issue 80,000 shares of no-par-value common stock with a stated value of $20 per share and 20,000 shares of $50 par-value, 12 percent preferred stock. Record the selected transactions on page 1 of a general journal. Omit descriptions.
Aug. 1 Issued 600 shares of common stock to Justin Baker for $20 a share.
1 Issued 450 shares of preferred stock to Austin Moore at par value.
6 Issued 300 shares of common stock to Mandie Brown for $24 a share.
10 Received a subscription for 800 shares of preferred stock from Lauren Durio for
$55 a share, payable in two installments due on the 15th and 31st of August.
15 Received payment of stock subscription installment due from Lauren Durio (one-half of the purchase price).
31 Received the balance due on the stock subscription of August 10 from Lauren Durio. Issued the stock.

The Mayfair Corporation Was Organized on August 1, 2019