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You can see I Couldn't fill the blank spaces. Can anyone help me out on that? Swifty Corporation began operations on April 1 by issuing
You can see I Couldn't fill the blank spaces. Can anyone help me out on that?
Swifty Corporation began operations on April 1 by issuing 59,000 shares of $5 par value common stock for cash at $14 per share. On April 19, it issued 2,400 shares of common stock to attorneys in settlement of their bill of $26,800 for organization costs. In addition, Swifty issued 1,100 shares of $1 par value preferred stock for $6 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 1 Cash 826,000 Common Stock 295,000 Paid-in Capital in Excess of Par-Common Stock 531,000 Apr. 19 |Organization Expense Common Stock 12000 Paid-in Capital in Excess of Par-Common Stock To record issuance of common stock for attorney's fees) Apr. 19 # E Cash 6600 Preferred Stock 1100 Paid-in Capital in Excess of Par-Preferred Stock 5500Step by Step Solution
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