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Bramble Corp. began operations on April 1 by issuing 64,800 shares of $5 par value common stock for cash at $17 per share. On April
Bramble Corp. began operations on April 1 by issuing 64,800 shares of $5 par value common stock for cash at $17 per share. On April 19. it issued 1,650 shares of common stock to attorneys in settlement of their bill of $27,000 for organization costs. In addition Bramble issued 800 shares of $1 par value preferred stock for $6 cash per share,
Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded.
Date Apr 1 Apr. 19 v Apr. 19 V Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Organization Expense Common Stock Paid-in Capital in Excess of Par-Common Stock (To record issuance of common stock for attorney's fees) Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock (To record issuance of Preferred stock for cash) Debit 1101600 180 Credit
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