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
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 5MC: Kent Corporation was organized on January 1, 2014. On that date, it issued 200,000 shares of 10 par...
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Question
![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
I
Cre](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F472d6901-7a6d-4c7a-ab43-02f45871354f%2F617e8f21-8b81-45fc-98db-537541d94709%2F5j17pnh_processed.png&w=3840&q=75)
Transcribed Image Text: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
I
Cre
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