Preston Sporting Goods is authorized to issue 14, 000 shares of common stock. During a two-month period, Preston completed these stock-issuance transactions: Requirements
|1.||Journalize the transactions.|
|2.||Prepare the stockholders' equity section of Preston|
Sporting Goods' balance sheet for the transactions given in this exercise. Retained Earnings has a balance of $ 48, 000
Requirement 1. Journalize the transactions.Begin by journalize the transaction on May 23.
|May||23||Issued 1,000 shares of $3.50 par common stock for cash of $16.00 per share.|
|June||12||Received inventory with a market value of $18,000 and equipment with market|
value of $38,000 for 3,500 shares of the $3.50 par common stock.
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