Reference no: EM131809721

Problem

On august 3, 2016, the date of incorporation, quinn company accepts separate subscriptions for 1,000 shares of $100 par preferred stock at $104 per share and 9,000 shares of no par, no stated value common stock for $22 per share. The suscription contracts recquire a 10% down payment, with the balance due by November 1, 2016. Shares are issued to each suscriber upon full payment. On November 1, Quinn received the remaining balances for the shares of preferred stock and common stock.

Recquired:

Prepare journal entries to record all of the transactions related to: 1. the preferred stock 2. the common stock.