Monty Corp. is authorized to issue both preferred and common stock. The par valu
ID: 2593099 • Letter: M
Question
Monty Corp. 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 92,600 shares for cash at $139 per share. July 1 Issued 164,100 shares for cash at $130 per share Your answer is partially correct. Try again ournalize 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 ash 4722600 Preferred Stock 4630000 Paid-in Capital in Excess of Par Value-Preferred Stock 92600 July 1 : [cash 8205000 Preferred Stock 8200000 Paid-in Capital in Excess of Par Value-Preferred Stock 5000Explanation / Answer
Date
Account Titles
Debit
Credit
Feb 4
Cash(92600 x 139)
12871400
Preferred Stock(92600 x 50)
4630000
APIC
8241400
July 4
Cash(164100 x 130)
21333000
Preferred Stock(164100 x 50)
8205000
APIC
13128000
Preferred Stock
4630000
8205000
12835000 Bal
APIC
8241400
13128000
21369400 Bal
Date
Account Titles
Debit
Credit
Feb 4
Cash(92600 x 139)
12871400
Preferred Stock(92600 x 50)
4630000
APIC
8241400
July 4
Cash(164100 x 130)
21333000
Preferred Stock(164100 x 50)
8205000
APIC
13128000
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.