(c) Your answer is partially correct. Assume that Cookie & Coffee Creations Inc. issues 840 $0.50 noncumulative preferred shares to Curtis's dad and the same number to Natalie's grandmother, in both cases for $4,200. Also assume that Cookie & Coffee Creations Inc. issues 630 common shares to its lawyer. Prepare the journal entries for each of these transactions. They all occurred on November 1. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Nov. 1 Cash Nov. 1 Preferred Stock (To record issue of preferred stock) (To record issue of common shares to lawyer) Debit 8,400 Credit
(c) Your answer is partially correct. Assume that Cookie & Coffee Creations Inc. issues 840 $0.50 noncumulative preferred shares to Curtis's dad and the same number to Natalie's grandmother, in both cases for $4,200. Also assume that Cookie & Coffee Creations Inc. issues 630 common shares to its lawyer. Prepare the journal entries for each of these transactions. They all occurred on November 1. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Nov. 1 Cash Nov. 1 Preferred Stock (To record issue of preferred stock) (To record issue of common shares to lawyer) Debit 8,400 Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:(c)
Your answer is partially correct.
Assume that Cookie & Coffee Creations Inc. issues 840 $0.50 noncumulative preferred shares to Curtis's dad and the same
number to Natalie's grandmother, in both cases for $4,200. Also assume that Cookie & Coffee Creations Inc. issues 630 common
shares to its lawyer.
Prepare the journal entries for each of these transactions. They all occurred on November 1. (List all debit entries before credit
entries. Credit account titles are automatically indented when amount is entered. Do not indent manually)
Date Account Titles and Explanation
Nov. 1
Cash
Nov. 1
Preferred Stock
(To record issue of preferred stock)
(To record issue of common shares to lawyer)
Debit
8,400
Credit
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