On April $1,12,000$ shares of $$6$ par common stock were issued at $$24,$ and on April $7,4,000$ shares of $$60$ par preferred stock were issued at $$106.$

Required:

Journalize the entries for April $1$ and $7.$ Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS

General Ledger

ASSETS

$110$ Cash

$120$ Accounts Receivable

$131$ Notes Receivable

$132$ Interest Receivable

$141$ Inventory

$145$ Supplies

$151$ Prepaid Insurance

$181$ Land

$191$ Buildings

$192$ Accumulated Depreciation$-$Building

$193$ Equipment

$194$ Accumulated Depreciation$-$Equipment

LIABILITIES

$210$ Accounts Payable

$221$ Notes Payable

$226$ Interest Payable

$231$ Cash Dividends Payable

$236$ Stock Dividends Distributable

$241$ Salaries Payable

$261$ Mortgage Note Payable

EQUITY

$311$ Preferred Stock

$312$ Paid$-$In Capital in Excess of Par$-$Preferred Stock

$321$ Common Stock

$322$ Paid$-$In Capital in Excess of Par$-$Common Stock

$323$ Paid$-$In Capital in Excess of Stated Value$-$Common Stock

$331$ Treasury Stock

$332$ Paid$-$In Capital from Sale of Treasury Stock

$340$ Retained Earnings

$351$ Cash Dividends

$352$ Stock Dividends

REVENUE

$410$ Sales

$610$ Interest Revenue

EXPENSES

$510$ Cost of Goods Sold

$515$ Credit Card Expense

$520$ Salaries Expense

$531$ Advertising Expense

$532$ Delivery Expense

$533$ Rent Expense

$534$ Insurance Expense

$535$ Supplies Expense

$536$ Organizational Expenses

$561$ Depreciation Expense$-$Building

$562$ Depreciation Expense$-$Equipment

$590$ Miscellaneous Expense

$710$ Interest Expense Journalize the entries for April $1$ and $7.$ Refer to the Chart of Accounts for exact wording of account titles.

PAGE $1$

JOURNALACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY