Question
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) |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started