Galaxy Tennis Corporation issues 1,000 shares of its $0.01 par value preferred stock to finance operations. The preferred stock was sold for $18 per share. Record the issuance of the preferred shares. (If no entry Is requlred for a particular transactlon/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 1 > Record the issuance of preferred stock. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
Galaxy Tennis Corporation issues 1,000 shares of its $0.01 par value preferred stock to finance operations. The preferred stock was sold for $18 per share. Record the issuance of the preferred shares. (If no entry Is requlred for a particular transactlon/event, select "No Journal Entry Required" In the first account fleld.) View transaction list Journal entry worksheet 1 > Record the issuance of preferred stock. Note: Enter debits before credits. Transaction General Journal Debit Credit 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![**Educational Website Content: Recording Preferred Stock Issuance**
**Galaxy Tennis Corporation: Preferred Stock Issuance**
Galaxy Tennis Corporation has issued 1,000 shares of its preferred stock, each with a par value of $0.01, to finance its operations. These shares were sold at a price of $18 per share.
**Instructions for Recording the Issuance:**
You are required to record the issuance of these preferred shares. If no entry is needed for a specific transaction or event, select "No Journal Entry Required" in the first account field.
**View Transaction List**
[Button: View transaction list]
**Journal Entry Worksheet**
1. **Transaction Instruction:**
- Record the issuance of preferred stock.
**Note:** Enter debits before credits.
2. **Journal Entry Table:**
- Transaction: [Input Field]
- General Journal: [Input Field]
- Debit: [Input Field]
- Credit: [Input Field]
3. **Actions:**
- [Button: Record entry]
- [Button: Clear entry]
- [Button: View general journal]
This worksheet is designed to help you properly document the financial transaction related to the issuance of preferred stock by Galaxy Tennis Corporation. Follow the instructions carefully to ensure accurate financial records.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3df5b63-8420-4e4f-b302-e11e0dfef4c4%2Fdc13127e-b15d-4135-96c9-498965007ee6%2F8hck4a9_processed.png&w=3840&q=75)
Transcribed Image Text:**Educational Website Content: Recording Preferred Stock Issuance**
**Galaxy Tennis Corporation: Preferred Stock Issuance**
Galaxy Tennis Corporation has issued 1,000 shares of its preferred stock, each with a par value of $0.01, to finance its operations. These shares were sold at a price of $18 per share.
**Instructions for Recording the Issuance:**
You are required to record the issuance of these preferred shares. If no entry is needed for a specific transaction or event, select "No Journal Entry Required" in the first account field.
**View Transaction List**
[Button: View transaction list]
**Journal Entry Worksheet**
1. **Transaction Instruction:**
- Record the issuance of preferred stock.
**Note:** Enter debits before credits.
2. **Journal Entry Table:**
- Transaction: [Input Field]
- General Journal: [Input Field]
- Debit: [Input Field]
- Credit: [Input Field]
3. **Actions:**
- [Button: Record entry]
- [Button: Clear entry]
- [Button: View general journal]
This worksheet is designed to help you properly document the financial transaction related to the issuance of preferred stock by Galaxy Tennis Corporation. Follow the instructions carefully to ensure accurate financial records.
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