PROBLEM II Budget Office Supply Corporation completed the following stock issuance transactions: Issued 5,000 shares...
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PROBLEM II Budget Office Supply Corporation completed the following stock issuance transactions: Issued 5,000 shares of $4 stated value common stock for Mar. 28 cash of $20 per share Received merchandise inventory with a market value of $46,000 in exchange for 2,000 shares of the S4 stated value May 1 common stock. Issued 450 shares of 5%, $20 par value preferred stock for May 14 $50 per share Issued 4,000 shares of $3 par value common stock for cash June 7 of $12 per share Aug. 16 Issued 400 shares of no-par preferred stock for $25,000 cash Received equipment with a market value of $75,000 in exchange for 5,000 shares of the $3 par value common Sept. 19 stock REQUIRED: Prepare the journal entries to record these transactions. Explanations are not required
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