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Assume that Cookie & Coffee Creations Inc. issues 940 $0.50 noncumulative preferred shares to Curtis's dad and the same number to Natalie's grandmother, in both
Assume that Cookie & Coffee Creations Inc. issues 940 $0.50 noncumulative preferred shares to Curtis's dad and the same number to Natalie's grandmother, in both cases for $4,700. Also assume that Cookie & Coffee Creations Inc. issues 705 common shares to its lawyer. Prepare the journal entries for each of these transactions. They all occurred on November 1. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Nov. 1 Nov. 1 Preferred Stock Preferred Stock (To record issue of preferred stock) (To record issue of common shares to lawyer).. Debit Credit 100 11
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