Pronghorn Island Corporation began operations on April 1 by issuing 52,200 shares of $5 par value common stock for cash at $15 per share. In addition, Pronghorn Island issued 2,300 shares of $1 par value preferred stock for $5 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit April 1 April 1 (To record issuance of common shares) (To record issuance of preferred shares) I

Pronghorn Island Corporation began operations on April 1 by issuing 52,200 shares of $5 par value common stock for cash at $15 per share. In addition, Pronghorn Island issued 2,300 shares of $1 par value preferred stock for $5 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit April 1 April 1 (To record issuance of common shares) (To record issuance of preferred shares) I

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...

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