E13-24 (similar to E Question Help The charter of Cherry Blossom Corporation aut

Question

E13-24 (similar to E Question Help The charter of Cherry Blossom Corporation authorizes the issuance of 1,000 shares of preferred stock and 2,000 shares of common stock During a two-month peri Cherry Blossom completed these stock-issuance transactions: 0 (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the general journal. (Record debits firs, then redts Select the explanation on the last line of the jounal entry tabie.) Mar. 23: Issued 240 shares of $2 par value common stock for cash of $19 per share. Date Accounts and Explanation Debit Credit Mar. 23 Choose from any list or enter any number in the input fields and then click Check Answer parts Clear All Check Answer

Explanation / Answer

Journal entry Date Account and explanations Debit Credit 23-May cash (240*19) 4560 common stock (240*2) 480 paid in capital in excess of par (240*17) 4080 12-Apr inventory 29,000 Equipment 14,000 common stock (360*2) 720 paid in capital in excess of par 42,280 17-Apr cash (1000*50) 50,000 preferred stock 50,000 Stockholders Equity paid in capital preferred share $50 par value ,1000 shares authorised 50,000 1000 shares issued and outstanding common stock $2 par value ,2,000 shares authorized 600 shares issued and outstading 1200 paid in capital in excess of par 46,360 total paid in capital 97,560 retained earnings 78,000 total stockholders Equity 175,560

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.