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On May 10, Cheyenne Corp. issues 1,400 shares of $5 par value common stock for cash at $15 per share. Prepare à tabular summary to record the issuance of the stock. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) May 10 $ Assets Cash Liabilities Paid-in-Capital PIC in Exces: Common Stock Par Value Co $ $ $

On May 10, Cheyenne Corp. issues 1,400 shares of $5 par value common stock for cash at $15 per share. Prepare à tabular summary to record the issuance of the stock. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) May 10 $ Assets Cash Liabilities Paid-in-Capital PIC in Exces: Common Stock Par Value Co $ $ $

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 May 10, Cheyenne Corp. issues 1,400 shares of $5 par value common stock for cash at $15 per share. Prepare a tabular summary to record the issuance of the stock. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Cash May 10 $ Liabilities $ $ Paid-in-Capital PIC in Exces Common Stock Par Value Cc $
Transcribed Image Text:On May 10, Cheyenne Corp. issues 1,400 shares of $5 par value common stock for cash at $15 per share. Prepare a tabular summary to record the issuance of the stock. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Cash May 10 $ Liabilities $ $ Paid-in-Capital PIC in Exces Common Stock Par Value Cc $
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