Cheyenne 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. 1Issued61,200shares for cash at $140per share.July 1Issued164,700shares for cash at $86per share.

Journalize 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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Feb. 1

July 1

Feb. 1

July 1

Post to the stockholders' equity accounts. (Use T-accounts.)(Post entries in the order of journal entries posted in the previous part.)

Preferred Stock

2/1

7/1

2/1

7/1

2/1

7/1

2/1

7/1

Bal.

Bal.

Paid-in Capital in Excess of Par ValuePreferred Stock

2/1

7/1

2/1

7/1

2/1

7/1

2/1

7/1

Bal.

Bal.