Beauty Island Corporation began operations on April 1 by issuing 54,800 shares of $4 par value common stock for cash at $13 per share. On April 19, it issued 1,900 shares of common stock to attorneys in settlement of their bill of $29,900 for organization costs. Journalize both issuances, assuming the stock is not publicly traded.

Do It! Review 11-3 Beauty Island Corporation began operations on April 1 by issuing 54,800 shares of $4 par value common stock for cash at $13 per share. On April 19, it issued 1,900 shares of common stock to attorneys in settlement of their bill of $29,900 for organization costs. Journalize both issuances, assuming the stock is not publicly traded. (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 o for the amounts. Account Titles and Explanation Debit Credit Apr. 1. Cash Common Stock Paid Capital in Excess or To record issuance of 54,800 shares at $13 per share) Apr. 19 (To record issuance of 1,900 shares for attorney's fees)