CALCULATOR NTER VERSION 4 BACK Do Itl Review 11-2a Flounder Corp. began operatio

Question

CALCULATOR NTER VERSION 4 BACK Do Itl Review 11-2a Flounder Corp. began operations on April 1 by issuing 51,500 shares of $8 par value common stock for cash at $15 per share. In addition, Flounder issued 1,600 shares $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 manual If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Tities and Explanation April 1 Debit Credit To record issuance of common shares) April 1 (To record issuance of prefered shares) Click if you would like to Show Work for this question: Open Show. Work SHOW LIST OF ACCOUNTS

Explanation / Answer

Apr-01 Cash 772500 =51500*15      Common stock 412000 =51500*8      Paid in capital in excess of par-Common stock 360500 Apr-01 Cash 4800      Preferred stock 1600      Paid in capital in excess of par-Preferred stock 3200

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