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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please just complete missing boxes for both problems
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
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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