Mazzoni, Inc. was organized on June 1 of this year, with a charter providing for authorized capital as follows:
a. 6,000 shares of preferred 9 percent stock, $40 par value.
b. 15,000 shares of no-par common stock, $15 stated value.
Instructions: Journalize on pg. 43 the following transactions with an explanation for each (calculations should be shown in the explanation). You can use the attached General Journal template or one that you make.
During the first year of operations, Mazzoni, Inc. completed the following transactions:
June 1 Received subscriptions to 5,000 shares of common stock at $20 per share, collecting 40 percent of the subscription price.
June 7 Paid an attorney $3,680 for performing services needed for incorporating the firm.
June 15 Received $30,000 in cash for 700 shares of preferred 9 percent stock and issued the stock.
June 21 Subscribers to 5,000 shares of common stock paid an additional 30 percent of the subscription price.
June 22 Issued 50 shares of common stock to J. Gregory at $19 per share in return for promotional services.
June 30 Received an additional 30 percent of the subscription price from subscribers to 5,000 shares of common stock, and issued the stock.
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