On April 1, 9,000 shares of $6 par common stock were issued at $22, and on April 7, 4,000 shares of $60 par preferred stock were issued at $104.

Required:

Journalize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wording of account titles.

Chart of Accounts

CHART OF ACCOUNTS

General Ledger

	ASSETS
110	Cash
120	Accounts Receivable
131	Notes Receivable
132	Interest Receivable
141	Merchandise Inventory
145	Supplies
151	Prepaid Insurance
181	Land
191	Buildings
192	Accumulated Depreciation-Building
193	Equipment
194	Accumulated Depreciation-Equipment

	LIABILITIES
210	Accounts Payable
221	Notes Payable
226	Interest Payable
231	Cash Dividends Payable
236	Stock Dividends Distributable
241	Salaries Payable
261	Mortgage Note Payable

	EQUITY
311	Preferred Stock
312	Paid-In Capital in Excess of Par-Preferred Stock
321	Common Stock
322	Paid-In Capital in Excess of Par-Common Stock
323	Paid-In Capital in Excess of Stated Value-Common Stock
331	Treasury Stock
332	Paid-In Capital from Sale of Treasury Stock
340	Retained Earnings
351	Cash Dividends
352	Stock Dividends
390	Income Summary

	REVENUE
410	Sales
610	Interest Revenue