Sheffield Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.

Feb. 1		Issued 51,500 shares for cash at $54 per share.
July 1		Issued 67,000 shares for cash at $58 per share.

(a)

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Your answer is correct.

Journalize the transactions. (Record journal entries in the order presented in the problem. 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
choose a transaction datechoose a transaction date Feb. 1July 1	enter an account titleenter an account title	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account titleenter an account title	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account titleenter an account title	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
choose a transaction datechoose a transaction date Feb. 1July 1	enter an account titleenter an account title	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account titleenter an account title	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount
	enter an account titleenter an account title	enter a debit amountenter a debit amount	enter a credit amountenter a credit amount

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List of Accounts

Attempts: 1 of 3 used

(b)

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Your answer is incorrect.

Post to the stockholders equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.)

Preferred Stock
choose a transaction datechoose a transaction date 2/17/1	enter a debit amountenter a debit amount	choose a transaction datechoose a transaction date 2/17/1	enter a credit amountenter a credit amount
choose a transaction datechoose a transaction date 2/17/1	enter a debit amountenter a debit amount	choose a transaction datechoose a transaction date 2/17/1	enter a credit amountenter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period Bal.	enter a debit balanceenter a debit balance	choose the end date of the accounting periodchoose the end date of the accounting period Bal.	enter a credit balanceenter a credit balance

Paid-in Capital in Excess of Par ValuePreferred Stock
choose a transaction datechoose a transaction date 2/17/1	enter a debit amountenter a debit amount	choose a transaction datechoose a transaction date 2/17/1	enter a credit amountenter a credit amount
choose a transaction datechoose a transaction date 2/17/1	enter a debit amountenter a debit amount	choose a transaction datechoose a transaction date 2/17/1	enter a credit amountenter a credit amount
choose the end date of the accounting periodchoose the end date of the accounting period Bal.	enter a debit balanceenter a debit balance	choose the end date of the accounting periodchoose the end date of the accounting period Bal.	enter a credit balanceenter a credit balance