Pronghorn Corporation began operations on April 1 by issuing 57,000 shares of $5 par value common stock
Question:
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 |
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso