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On August 3, 2010, the date of incorporation, the Quinn Company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of nopar, nostatedvalue common stock for $22 per share. The subscription contracts require a 10% down payment, with the balance due by November 1, 2010. Shares are issued to each subscriber upon full payment. Any defaulted shares will be sold on November 2, 2010, and the down payment returned to the defaulting subscribers.On November 1, the company received the remaining balances for 920 shares of preferred stock and 8,900 shares of common stock. The defaulted preferred shares and common shares were sold for $105 and $22.50 per share, respectively, on November 2, and the down payment was returned to the defaulting subscribers.Required:
Prepare journal entries to record all the transactions related to1. The preferred stock2. The common stock
The Accountant's Role in the Organization.
What are management assertions? How do they affect the financial statements? How does the auditor formulate audit objectives based on management assertions?
Make sure that you number each answer. The answers will be turned into turnitin.com. Using the Internet or Strayer databases, go to the FASB Website and other resources to research the Disclosure of Postretirement Health Care and Life Insurance Ben..
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