Pronghorn Corporation began operations on April 1 by issuing 57,000 shares of $5 par value common stock for cash at $14 per share. On April 19, it issued 2,200 shares of common stock to attorneys in settlement of their bill of $26,400 for organization costs. In addition, Pronghorn issued 1,900 shares of $1 par value preferred stock for $5 cash per share.

Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Apr. 1Apr. 19	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Apr. 1Apr. 19	enter an account title to record issuance of common stock for attorney’s fees	enter a debit amount	enter a credit amount
	enter an account title to record issuance of common stock for attorney’s fees	enter a debit amount	enter a credit amount
	enter an account title to record issuance of common stock for attorney’s fees	enter a debit amount	enter a credit amount
	(To record issuance of common stock for attorney’s fees)
choose a transaction date Apr. 1Apr. 19	enter an account title to record issuance of preferred stock for cash	enter a debit amount	enter a credit amount
	enter an account title to record issuance of preferred stock for cash	enter a debit amount	enter a credit amount
	enter an account title to record issuance of preferred stock for cash	enter a debit amount	enter a credit amount

Answer rating: 100% (QA)

Date Account Debit Credit Apr1 Cash 798000 Paid in capital in excess of par 570009 51... View the full answer