On April 1, 10,000 shares of $5 par common stock were issued at $25, and on April

Question:

On April 1, 10,000 shares of $5 par common stock were issued at $25, and on April 7, 5,000 shares of $50 par preferred stock were issued at $103. Journalize the entries for April 1 and 7.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...