Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 398 Weeks Ago, 6 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 21 Mar 2018 My Price 6.00

Quinn Company

P16-3 Subscriptions On August 3, 2007, the date of incorporation, the Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of no-par, no-stated-value common stock for $22 per share. The subscription contracts require a 10% down payment, with the balance due by November 1, 2007. Shares are issued to each subscriber upon full payment. Any defaulted shares will be sold on November 2, 2007, and the down payment returned to the defaulting subscribers.

On November 1 the company received the remaining balances for 920 shares of preferred stock and 8,900 shares of com- mon stock. The defaulted preferred shares and common shares were sold for $105 and $22.50 per share, respectively, on November 2 and the down payment was returned to the defaulting  subscribers.

Required

Prepare journal entries to record all the transactions related to

1.      The preferred stock

2.      The common stock

 

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 21 Mar 2018 06:03 AM My Price 6.00

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