Quay Co. had the following transactions during the current period. Mar.2 Issued 5,000 shares of $7 par value common stock to attorneys in payment of a bill for $39,600 for services performed in helping the company to incorporate. June12 Issued 63,400 shares of $7 par value common stock for cash of $519,100.July 11 Issued 2,175 shares of $110 par value preferred stock for cash at $130 per share. Nov.28 Purchased 2,350 shares of treasury stock for $83,500.

Following are the  journal entries to this question:

Explanation:

Date                            account title                                  Dr.                        Cr.

Mar.2                Incorporation expense                    

          Common Stock (Par value)                        

       Paid in excess of par- Common Stock            

      (Bein 5000 common shares Of par value each issued )

June. 12                                       Cash                            

                   Common Stock (Par value )                  

        Paid in excess of par- common stock               (Being 63400 common shares of par value each issued for cash)

July-11                    cash                  

               Preferred Stock (Par value )                  

               Paid in excess of par- Preferred stock                               (Being 2175 Prefered shares of par value each issued for each)

Nov. 28                         Treasury Stock                                          

                                     cash                                                            

                (Purchased 2,350 shares of treasury stock for ).

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