please help in detailed.
Cashman Nursery, with an authorization of 19,000 shares ofpreferred stock and 380,000 shares of common stock, completedseveral transactions involving its stock on June 1, the first dayof operations. The trial balance at the close of the dayfollows:
Cash
354,000
Land
76,000
Buildings
155,000
Preferred 2% Stock, $100 par
220,000
Paid-In Capital in Excess of Par-Preferred Stock
11,000
Common Stock, $40 par
240,000
Paid-In Capital in Excess of Par-Common Stock
114,000
585,000
585,000
All shares within each class of stock were sold at the sameprice. The preferred stock was issued in exchange for the land andbuildings.
Journalize the entries to record the (1) common and (2)preferred stock transactions summarized in the trial balance.
For a compound transaction, if an amount box does not require anentry, leave it blank.
(1)
Cash
Common Stock
Paid-In Capital in Excess of Par-CommonStock
Feedback
For a compound transaction, if an amount box does not require anentry, leave it blank.
(2)
Buildings
Land
Preferred Stock
Paid-In Capital in Excess of Par-PreferredStock
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