Question
On June 1, Binder Inc. issues 100,000 shares of $5 par value non-cumulative preferred stock for $625,000. Prepare the journal entry to record the issuance.
On June 1, Binder Inc. issues 100,000 shares of $5 par value non-cumulative preferred stock for $625,000.
Prepare the journal entry to record the issuance.
DR: [ Select ] ["Cash", "APIC", "Common Stock", "Preferred Stock"] [ Select ] ["100,000", "625,000", "125,000", "500,000"]
CR: [ Select ] ["Preferred Stock", "Retained Earnings", "Cash", "Common Stock"] [ Select ] ["625,000", "125,000", "100,000", "500,000"]
CR: [ Select ] ["APIC", "Common Stock", "Cash", "Retained Earnings"] [ Select ] ["100,000", "500,000", "625,000", "125,000"]
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Auditing Theory And Practice
Authors: Jerry R. Strawser, Robert H. Strawser, Roger H. Hermanson
9th Edition
0873939336, 9780873939331
