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Pinson Corporation was organized on January 1, 2010. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 80,000 shares of common stock for cash at $4 per share.Mar. 1 Issued 12,000 shares of preferred stock for cash at $54 per share.May 1 Issued 120,000 shares of common stock for cash at $5 per share.Sept. 1 Issued 5,000 shares of common stock for cash at $6 per share.Nov. 1 Issued 3,000 shares of preferred stock for cash at $56 per share.
Journalize the transactions.
A company's Cash account has a balance of $851 as of October 31. The bank statement for this account reports a balance of $1,430 as of October 31. There are outstanding chec
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