Brief Exercise 11-2 On May 10, Pronghorn Corp issues 2,200 shares of $4 par valu

Question

Brief Exercise 11-2

On May 10, Pronghorn Corp issues 2,200 shares of $4 par value common stock for cash at $14 per share.

Journalize the issuance of the 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.)

Date

Account Titles and Explanation

Debit

Credit

cash

8800wrong

Date

Account Titles and Explanation

Debit

Credit

cash

paid-in cap exc of par val-common stock

8800wrong

Explanation / Answer

Date Account Titles and Explanation Debit Credit May-10 Cash ( 2,200 * $ 14) 30,800 Common Stock ( 2,200* $ 4) 8,800 Paid in Capital in Excess of Par - Common Stock (2,200 * $ 10) 22,000

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.