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On May 23, Stoltz Realty Inc
On May 23, Stoltz Realty Inc. issued for cash 95,000 shares of no-par common stock with a stated value of $5) at $9. On July 6, Stoltz Realty Inc. issued at par value 39,000 shares of preferred 1% stock, $10 par for cash. On September 15, Stoltz Realty Inc. issued for cash 19,000 shares of preferred 1% stock, $10 par at $15. Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the Chart of Accounts for exact wording of account titles.
JOURNAL DATE DESCRIPTION POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8
Expert Solution
| Journal Entries | |||
| Date | Description | Debit | Credit |
| May-23 | Cash | 855000 | |
| Common Stock | 475000 | ||
| Paid-In Capital in Excess of Stated Value-Common Stock | 380000 | ||
| Jul-06 | Cash | 390000 | |
| Preferred Stock | 390000 | ||
| Sep-15 | Cash | 285000 | |
| Preferred Stock | 190000 | ||
| Paid-In Capital in Excess of Par-Preferred Stock | 95000 |
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