E13-24 (similar to) Question Help The charter of Cherry Blossom Corporation auth

Question

E13-24 (similar to) Question Help The charter of Cherry Blossom Corporation authorizes the issuance of 1,000 shares of proferred stock and 2,000 shares of common stock. During a two-month Cherry Blossom completed these stock-issuance transactions: (Click the icon to view the transactions.) Read the requirements the transactions in the general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table,) Mar. 23 Issued 240 shares of $2 par value common stock for cash of $19 per share Date Accounts and Explanation Debit Credit Mar. 23 Choose from any list or enter any number in the input fields and then click Check Answer

Explanation / Answer

Journal entry Date Account and explanations Debit Credit 23-May cash (240*19) 4560 common stock (240*2) 480 paid in capital in excess of par (240*17) 4080

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