Sheffield Corp was organized on January 1, 2022 It is authorized to issue 21,300 shares of 7 , $53 par value preferred stock and 465,000 shares of no par common stock with a stated value of $2 per share The following stock transactions were completed during the first year 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 ) Jan 10 Issued 72,500 shares of common stock for cash at $5 per share Mar 1 Issued 1,250 shares of preferred stock for cash at $56 per share May 1 Issued 117,500 shares of common stock for cash at $6 per share Sept 1 Issued 5,500 shares of common stock for cash at $9 per share Nov 1 Issued 3,500 shares of preferred stock for cash at $60 per share

Question

Sheffield Corp  was organized on January 1, 2022  It is authorized to issue 21,300 shares of 7 , $53 par value preferred stock and 465,000 shares of no par common stock with a stated value of $2 per share  The following stock transactions were completed during the first year  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 ) Jan  10 Issued 72,500 shares of common stock for cash at $5 per share  Mar  1 Issued 1,250 shares of preferred stock for cash at $56 per share  May 1 Issued 117,500 shares of common stock for cash at $6 per share  Sept  1 Issued 5,500 shares of common stock for cash at $9 per share  Nov  1 Issued 3,500 shares of preferred stock for cash at $60 per share

Accepted Answer

The Answer is in the image, click to view ...

Jan.	10	Issued 72,500 shares of common stock for cash at $5 per share.
Mar.	1	Issued 1,250 shares of preferred stock for cash at $56 per share.
May	1	Issued 117,500 shares of common stock for cash at $6 per share.
Sept.	1	Issued 5,500 shares of common stock for cash at $9 per share.
Nov.	1	Issued 3,500 shares of preferred stock for cash at $60 per share.

Question

Sheffield Corp. was organized on January 1, 2022. It is authorized to issue 21,300 shares of 7%, $53 par value preferred stock and 465,000 shares

Step by Step Solution

Step: 1

Get Instant Access with AI-Powered Solutions

Step: 2

Step: 3

Ace Your Homework with AI

Recommended Textbook for

Advanced Accounting

Students also viewed these Accounting questions

Question

Question

Question

Question

Question

Question

Question

Question

Question