Bramble 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 44,000 shares for cash at $53 per share. July 1 Issued 63,000 shares for cash at $54 per share. 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 date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts 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 date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose the end date of the accounting period Bal. enter a debit balance choose the end date of the accounting period Bal. enter a credit balance Paid-in Capital in Excess ofPar Value—Preferred Stock choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose the end date of the accounting period Bal. enter a debit balance choose the end date of the accounting period Bal. enter a credit balance
Bramble 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 44,000 shares for cash at $53 per share. July 1 Issued 63,000 shares for cash at $54 per share. 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 date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts 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 date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose the end date of the accounting period Bal. enter a debit balance choose the end date of the accounting period Bal. enter a credit balance Paid-in Capital in Excess ofPar Value—Preferred Stock choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose the end date of the accounting period Bal. enter a debit balance choose the end date of the accounting period Bal. enter a credit balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Bramble 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 44,000 shares for cash at $53 per share. | |
| July 1 | Issued 63,000 shares for cash at $54 per share. |
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 date Feb. 1July 1
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|
choose a transaction date Feb. 1July 1
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
eTextbook and Media
List of Accounts
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 date 2/17/1 |
enter a debit amount
|
choose a transaction date 2/17/1 |
enter a credit amount
|
| choose a transaction date 2/17/1 |
enter a debit amount
|
choose a transaction date 2/17/1 |
enter a credit amount
|
| choose the end date of the accounting period Bal. |
enter a debit balance
|
choose the end date of the accounting period Bal. |
enter a credit balance
|
|
Paid-in Capital in Excess of
Par Value—Preferred Stock |
|||
|---|---|---|---|
| choose a transaction date 2/17/1 |
enter a debit amount
|
choose a transaction date 2/17/1 |
enter a credit amount
|
| choose a transaction date 2/17/1 |
enter a debit amount
|
choose a transaction date 2/17/1 |
enter a credit amount
|
| choose the end date of the accounting period Bal. |
enter a debit balance
|
choose the end date of the accounting period Bal. |
enter a credit balance
|
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