Business, 09.12.2019 18:31 oliviaclerk5

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 $42 cash per share from four individuals and issued 5,200 shares of common stock to each.
b. issued 6,200 shares of common stock to an outside investor at $42 cash per share.
c. issued 8,200 shares of preferred stock at $22 cash per share.
prepare the journal entries indicated for each of these transactions. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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