please help Quay Co. had the following transactions during the current period. I
ID: 2498065 • Letter: P
Question
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Quay Co. had the following transactions during the current period. Issued 4,300 shares of $6 par value common stock to attorneys in payment of a bill for $30,200 for services performed in helping the company to incorporate. Issued 62,700 shares of $6 par value common stock for cash of $442,300. Issued 2,900 shares of $100 par value preferred stock for cash at $140 per share. Purchased 3,200 shares of treasury stock for $79,100. Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "No entry" for the account titles and enter 0 for the amounts.)Explanation / Answer
Date Account Title & Explaination Debit Credit Mar-02 Attorney Fees 30200 Common Stock (4300*6) 25800 Additional Paid in capital - Common Stock 4400 Jun-12 Cash 442300 Common Stock (62700*6) 376200 Additional Paid in capital - Common Stock 66100 Jul-11 Cash (2900*140) 406000 Preferred Stock (2900*100) 290000 Additional Paid in capital - Preferred Stock 116000 Nov-28 Treasury Stock 79100 Cash 79100
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