Record the following transactions in general journal form for the AAA Corporation.Common stock: 500,000 shares authorized; 300,000 shares issued and outstandingPreferred stock: 10,000 shares authorized; all shares currently unissued
Feb. 1 Issued for cash 3,000 shares of Preferred Stock at $100 per share, par value.
Feb. 6 Issued for cash 100,000 shares of Common Stock at $5 per share, par value.
Feb. 15 Issued 10,000 shares, $5 par value Common Stock in exchange for cash, $87,000.
Feb.18 Issued for cash 65,000 shares of $5 par value Common Stock for $8 per share.
Feb. 20 AAA declared a cash dividend to common stockholders, $1.00 per share on the shares outstanding.
Feb. 27 Paid the cash dividend to common stockholders
