Sneed Corporation issues 12,500 shares of $50 par preferred stock for cash at $61 per share. The entry to record the transaction will consist of a debit to Cash for $762,500 and a credit or credits to Da. Preferred Stock for $625,000 and Paid-In Capital in Excess of Par-Preferred Stock for $137,500. Ob. Preferred Stock for $625,000 and Retained Earnings for $137,500. c. Paid-In Capital from Preferred Stock for $762,500. Od. Preferred Stock for $762,500. 101,000 shares of common stock. Assume that 52,000 shares were The charter of a corporation provides for the issuance of originally issued and 10,000 were subsequently reacquired. What is the number of shares outstanding? Ca. 10,000 Ob. 42,000 . 101,000 Od. 52,000o General Journal Instructions On Apri 1, 12,000 shares of s5 par com mon stook were issued at s24, and on Apnl 7, 3,000 shares of $S0 par preterred stock were issued at $106. 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 ACCOUNTSs General Ledger REVENUE ASSETS 410 Sales 110 Cash 610 Interest Revenue 120 Accounts Receivable 131 Notes Receivable EXPENSES 132 Interest Receivable 390 Income Summary Journalize the entries for April 1 and 7. Refer to the Chart of Accounts for exact wordling of account titles. PAGE 1 JOURNAL DATE Next