April, Inc. issued 7,000 shares of preferred stock for $448,000. The stock has a par value of $64 per share. The journal entry to record this transaction would O credit Cash $448,000 and debit Preferred Stock-$64 Par Value $448,000 O credit Cash $448,000, debit Preferred Stock-$64 Par Value $7,000, and debit Paid-In Capital in Excess of Par-Preferred $441,000 O debit Cash $448,000 and credit Preferred Stock-$64 Par Value $448,000 O debit Cash $448,000, credit Preferred Stock-$64 Par Value $7,000, and credit Paid-In Capital in Excess of Par-Preferred $441,000

April, Inc. issued 7,000 shares of preferred stock for $448,000. The stock has a par value of $64 per share. The journal entry to record this transaction would O credit Cash $448,000 and debit Preferred Stock-$64 Par Value $448,000 O credit Cash $448,000, debit Preferred Stock-$64 Par Value $7,000, and debit Paid-In Capital in Excess of Par-Preferred $441,000 O debit Cash $448,000 and credit Preferred Stock-$64 Par Value $448,000 O debit Cash $448,000, credit Preferred Stock-$64 Par Value $7,000, and credit Paid-In Capital in Excess of Par-Preferred $441,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Fancy Clothing Company is authorized to issue 110,000 shares of $2 par common stock. The company issued 5,100 shares at $6 per share, when the market price of the common stock was $10 per share. Later, Charter declared and paid a $0.50 per share cash dividend. The journal entry to declare the cash dividend would be: O Dividends Payable - Common 55,000 Cash Dividends O Cash Dividends OOO Dividends Payable - Common O Cash Dividends Dividends Payable - Common O Dividends Payable - Common Cash Dividends 2,550 55,000 2,550 55,000 2,550 55,000 2,550
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Nebraska Inc. issues 3,000 shares of common stock for $45,000. The stock has a par value of $10 per share. The journal entry to record the stock issuance would include a credit to Common Stock for:
Prepare the journal entry to record Shane Company's issuance of 85,000 shares of $8 par value common stock assuming the shares sell for $8 cash per share.
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hester Inc. issued shares of its $6.60 par value common stock for $17.00 per share. In recording the issuance of the stock, Chester credited the Additional Paid-In Capital—Common Stock account for $1,060,800. Required: How many shares were issued?fill in the blank 1 shares
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Pina Colada Inc. issues 4,650 shares of $100 par value preferred stock for cash at $145 per share.Journalize the issuance of the preferred stock. what is the title or explanation? what is debit or credit ?
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