sells subscriptions for $ 120 for 30 issues. The company collects cash in advance and then mails out the magazines to subscriber
1 answer:
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Answer:
Following are the journal entries to this question:
Explanation:
Date account title Dr. Cr.
Mar.2 Incorporation expense
Common Stock (Par value)
Paid in excess of par- Common Stock
(Bein 5000 common shares Of par value each issued )
June. 12 Cash
Common Stock (Par value )
Paid in excess of par- common stock
(Being 63400 common shares of par value
each issued for
cash)
July-11 cash
Preferred Stock (Par value )
Paid in excess of par- Preferred stock (Being 2175 Prefered shares of par value
each issued for
each)
Nov. 28 Treasury Stock
cash
(Purchased 2,350 shares of treasury stock for
).