Smart Electronics completed the following stock issuance transactions:
$$\begin{array} { | l | l | }
\hline \text { June 7 } & \text { Issued 4,000 shares of } \$ 3 \text { par value common stock for cash of } \
&\$ 12 \text { per share }\
\hline \text { Aug. 16 } & \text { Issued } 400 \text { shares of no-par preferred stock for } \$ 25,000 \text { cash } \
\hline & \text { Received equipment with a market value of } \$ 75,000 \text { in } \
\text { Sept. 19 } & \text { exchange for 5,000 shares of the } \$ 3 \text { par value common stock } \
\hline
\end{array}$$ Prepare the journal entries to record these transactions. Explanations are not required.

Question

Smart Electronics completed the following stock issuance transactions:
 $$\begin{array} { | l | l | } 
\hline \text { June 7 } & \text { Issued 4,000 shares of } \$ 3 \text { par value common stock for cash of } \
&\$ 12 \text { per share }\
\hline \text { Aug. 16 } & \text { Issued } 400 \text { shares of no-par preferred stock for } \$ 25,000 \text { cash } \
\hline & \text { Received equipment with a market value of } \$ 75,000 \text { in } \
\text { Sept. 19 } & \text { exchange for 5,000 shares of the } \$ 3 \text { par value common stock } \
\hline
\end{array}$$ Prepare the journal entries to record these transactions. Explanations are not required.

Quizplus · Accepted Answer

The Answer of Smart Electronics completed the following stock issuance transactions:
 $$\begin{array} { | l | l | } 
\hline \text { June 7 } & \text { Issued 4,000 shares of } \$ 3 \text { par value common stock for cash of } \
&\$ 12 \text { per share }\
\hline \text { Aug. 16 } & \text { Issued } 400 \text { shares of no-par preferred stock for } \$ 25,000 \text { cash } \
\hline & \text { Received equipment with a market value of } \$ 75,000 \text { in } \
\text { Sept. 19 } & \text { exchange for 5,000 shares of the } \$ 3 \text { par value common stock } \
\hline
\end{array}$$ Prepare the journal entries to record these transactions. Explanations are not required.

Smart Electronics Completed the Following Stock Issuance Transactions Prepare the Journal Entries to Record These Transactions