ACCOUNTING

Novak Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. Issued 73,400 shares for cash at $95 per share. July 1 Issued 111,300 shares for cash at $103 per share Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select ""No Entry for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Post to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock Pald-in Capital in Excess of Par Stock