E11-7 Quay Co. had the following transactions during the current period.

Mar. 2              Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services performed in helping the company to incorporate.

June 12            Issued 60,000 shares of $5 par value common stock for cash of $375,000.

July 11                         Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.

Nov. 28           Purchased 2,000 shares of treasury stock for $80,000.

Instructions

Journalize the transactions.