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On June 1, Pronghorn Inc. issues 3,200 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (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 Debit Credit June 1 Cash 25,600 Common Stock

On June 1, Pronghorn Inc. issues 3,200 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (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 Debit Credit June 1 Cash 25,600 Common Stock

FINANCIAL ACCOUNTING
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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On June 1. Pronghorn Inc. issues 3,200 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (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 Debit Credit June 1 Cash 25,600 Common Stock
Transcribed Image Text:On June 1. Pronghorn Inc. issues 3,200 shares of no-par common stock at a cash price of $8 per share. Journalize the issuance of the shares assuming the stock has a stated value of $2 per share. (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 Debit Credit June 1 Cash 25,600 Common Stock
Bramble Inc's $ 10 par value common stock is actively traded at a market price of $ 14 per share. Bramble issues 4,700 shares to purchase land advertised for sale at $71,000. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Land Common Stock 47,000 Paid-in Capital in Excess of Par-Common Stock
Transcribed Image Text:Bramble Inc's $ 10 par value common stock is actively traded at a market price of $ 14 per share. Bramble issues 4,700 shares to purchase land advertised for sale at $71,000. Journalize the issuance of the stock in acquiring the land. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Land Common Stock 47,000 Paid-in Capital in Excess of Par-Common Stock
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