Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of no-par common stock and 20,000 shares of preferred stock, par value $10. During the year, the following selected transactions occurred:
a. Collected $46 cash per share from four individuals and issued 5,600 shares of common stock to each
b. Issued 6,600 shares of common stock to an outside investor at $46 cash per share
c. Issued 8,600 shares of preferred stock at $19 cash per share.
Prepare the journal entries indicated for each of these transactions.
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Ava School of Learning obtained a charter at the start of the year that authorized 50,000 shares of...
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