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Indigo Corporation began operations on April 1 by issuing 53,000 shares of $8 par value common stock for cash at $13 per share. In addition,

Indigo Corporation began operations on April 1 by issuing 53,000 shares of $8 par value common stock for cash at $13 per share. In addition, Indigo issued 3,100 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 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

April 1

enter an account title to record issuance of common shares on April 1

enter a debit amount

enter a credit amount

enter an account title to record issuance of common shares on April 1

enter a debit amount

enter a credit amount

enter an account title to record issuance of common shares on April 1

enter a debit amount

enter a credit amount

(To record issuance of common shares)

April 1

enter an account title to record issuance of preferred shares on April 1

enter a debit amount

enter a credit amount

enter an account title to record issuance of preferred shares on April 1

enter a debit amount

enter a credit amount

enter an account title to record issuance of preferred shares on April 1

enter a debit amount

enter a credit amount

(To record issuance of preferred shares)

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