Question

Meranda 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 40,000 shares for cash at $51 per share.
July 1 Issued 60,000 shares for cash at $56 per share.

Instructions
(a) Journalize the transactions.
(b) Post to the stockholders’ equity accounts. (Use T-accounts.)
(c) Discuss the statement presentation of the accounts.



$1.99
Sales5
Views338
Comments0
  • CreatedApril 07, 2014
  • Files Included
Post your question
5000