Discuss the below:
Q: STOCK SUBSCRIPTIONS Juneau & Associates had the following stock transactions during the year:
(a) Issued 100,000 shares of $1 par common stock for $105,000 cash.
(b) Issued 12,000 shares of $10 par, 8% preferred stock for $128,000 cash.
(c) Received subscriptions for 10,000 shares of $10 par common stock for $105,000.
(d) Received subscriptions for 5,000 shares of $15 par, 8% preferred stock for $80,000.
(e) Received a payment of $55,000 on the common stock subscription.
(f) Received a payment of $40,000 on the preferred stock subscription.
(g) Issued 40,000 shares of $1 par common stock in exchange for a truck with a fair market value of $48,000.
(h) Received the balance in full for the common stock subscription and issued the stock.
(i) Issued 2,500 shares of no-par common stock with a stated value of $8 per share for $21,500 cash.
(j) Received the balance in full for the preferred stock subscription and issued the stock.
REQUIRED
Prepare general journal entries to record the transactions, identifying each transaction by letter.