? Secure | https://edugen.vvileyplus.com/ed Kimmel, Financial Accounting, 8e CAL

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? Secure | https://edugen.vvileyplus.com/ed Kimmel, Financial Accounting, 8e CALCULATOR PRINTER VERSION BACK NEXT ASSIGNMENT Question 1 whispering winds Corp. began operations on April 1 by issuing 52,600 shares of $6 par value common stock for cash at $18 per share. In addition, Sheffield issued 2,700 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 Explanation Debit April 1 Question To record issuance of common shares) April 1 ??uestion is Question 1 (To record issuance of preferred shares) SHOW LIST OF ACCOUNTS uestion 2 Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER 7:11 PM 4/27/20183 O Type here to search rP ^ dx ?

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit Apr 1 Cash (52600*18) 946800 Common Stock (52600*6) 315600 Paid in capital in excess of par value - Common Stock 631200 (To record issue common stock) Apr 1 Cash (2700*5) 13500 Preferred stock 2700   Paid in capital in excess of par value - Preferred Stock 10800 (To record issue preferred stock)

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