Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO T

Question

Date

Account Titles and Explanation

Debit

Credit

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT

Preferred Stock

Paid-in Capital in Excess of Par Value—Preferred Stock

Open Show Work

Flint Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.
Feb. 1 Issued 103,600 shares for cash at $96 per share. July 1 Issued 113,400 shares for cash at $145 per share.

Explanation / Answer

Journalize the transactions. (Record journal entries in the order presented in the problem. 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.)

Post to the stockholders’ equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.)

Paid-in Capital in Excess of Par Value—Preferred Stock

Preferred Stock

Date accounts & explanation debit credit Feb 1 Cash a/c (103600*96) 9945600      Preferred stock a/c (103600*50) 5180000      Paid-in Capital in Excess of Par Value—Preferred Stock 4765600 July 1 Cash a/c (113400*145) 16443000      Preferred stock a/c (113400*50) 5670000      Paid-in Capital in Excess of Par Value—Preferred Stock 10773000

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