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Question

ooo T-Mobile Wi-Fi1:48 PM Done a edugen.wileyplus.com C WileyPLUS Prep-wark ChatrDo It! Review 11-2a Flint Corporation began operations on April 1 by issuing 52,900 shares of - $4 par value common stock for cash at $i5 per share. In addition, Flint Bvissued 3,000 shares of $1 par value preferred stock for $3 per share. ournalize 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 O for the amounts.)

Explanation / Answer

Ans. Date Accounts Titles & Explanations Debit Credit 1-Apr Cash (52900 * 15) 793500 Paid-in-capital in excess of par [52900 * (15-4)] 581900 Common stock (52900 * 4) 211600 1-Apr Cash (3000 * 3) 9000 Paid-in-capital in excess of par [3000 * (3-1)] 6000 Preferred Stock (3000 * 1) 3000

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