These independent companies had the following transactions:
a.Long Corporation issued 4,500 shares of its $6 stated value common stock to Jack Smith Realty in exchange for land with a market value of $50,000
b.Short Corporation received $115,000 cash for 10,000 shares of its $10 par preferred stock
c.Middle Corporation issued 7,000 shares of its no-par common stock at $15 per share
Requirement:
Prepare the journal entries for these transactions.Use proper account titles and omit explanations.

Question

Quizplus · Accepted Answer

The Answer of These independent companies had the following transactions:
a.Long Corporation issued 4,500 shares of its $6 stated value common stock to Jack Smith Realty in exchange for land with a market value of $50,000
b.Short Corporation received $115,000 cash for 10,000 shares of its $10 par preferred stock
c.Middle Corporation issued 7,000 shares of its no-par common stock at $15 per share
Requirement:
Prepare the journal entries for these transactions.Use proper account titles and omit explanations.

These Independent Companies Had the Following Transactions