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.
June 12 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.
Journalize the transactions.

Answer and Explanation:

The journal entries are shown below:

On March 2

Incorporation expense Dr $39,600

     To Common stock (5,000 × $7) $35,000

     To Additional paid in capital $4,960

(being incorporation expense is recordeD)

On June 12

Cash Dr $519,100

     To Common stock (63,400 × $7) $443,800

     To Additional paid in capital $75,300

(being issuance of the common stock is recorded)

On July 11

Cash Dr (2,175 × $130) $282,750

     To Preferred stock (2,175 × $110) $239,250

     To Additional paid in capital $43,500

(being issuance of the preferred stock is recorded)

On Nov 28

Treasury stock Dr $83,500

       To Cash $83,500

(being cash paid is recorded)

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.