Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition,Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share.Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered.Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Date Account Titles and ExplanationDebitCreditApril 1(To record issuance ofmon shares)April 1(To record issuance of preferred shares)

Journal entries: A journal entry is recorded for every business transaction. It is the first step in…

Answered: Pronghorn Corp began operations on…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Windsor, Inc. issues 8,500 shares of $105 par value preferred stock for cash at $114 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
Sheffield Island Corporation began operations on April 1 by issuing 52,500 shares of $5 par value common stock for cash at $15 per share. In addition, Sheffield Island issued 2,600 shares of $1 par value preferred stock for $3 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Riverbed Island Corporation began operations on April 1 by issuing 52,300 shares of $5 par value common stock for cash at $13 per share. In addition, Riverbed Island issued 2,400 shares of $1 par value preferred stock for $6 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation April 1 April 1 (To record issuance of common shares) (To record issuance of preferred shares) Debit Credit
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Tamarisk, Inc. issues 9,400 shares of $106 par value preferred stock for cash at $110 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically Indented when amount Is entered. Do not Indent manually. If no entry Is requlred, select "No Entry" for the account titles and enter o for the amounts.)
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On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per share.Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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