Blue Spruce Corporation began operations on April 1 by issuing 60,500 shares of $5 par value...

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Blue Spruce Corporation began operations on April 1 by issuing 60,500 shares of $5 par value common stock for cash at $19 per share. On April 19, it issued 2,550 shares of common stock to attorneys in settlement of their bill of $27,100 for organization costs. In addition, Blue Spruce issued 1,250 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 (To record issuance of common stock for attorney's fees) (To record issuance of Preferred stock for cash) Debit Cre Blue Spruce Corporation began operations on April 1 by issuing 60,500 shares of $5 par value common stock for cash at $19 per share. On April 19, it issued 2,550 shares of common stock to attorneys in settlement of their bill of $27,100 for organization costs. In addition, Blue Spruce issued 1,250 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 (To record issuance of common stock for attorney's fees) (To record issuance of Preferred stock for cash) Debit Cre

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1 Issuance of Common Stock on April 1 Blue Spruce Corporation issued 60500 shares of 5 par value com... View the full answer