Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition, Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit April 1 (To record issuance of mon shares) April 1 (To record issuance of preferred shares)
Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition, Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share. Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit April 1 (To record issuance of mon shares) April 1 (To record issuance of preferred shares)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition,
Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share.
Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles and Explanation
Debit
Credit
April 1
(To record issuance of
mon shares)
April 1
(To record issuance of preferred shares)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9a10f7dd-e552-4c8e-baeb-0329cbd10d34%2Faf330053-91fb-48b4-8d13-96d97e879aea%2F121crqc.png&w=3840&q=75)
Transcribed Image Text:Pronghorn Corp began operations on April 1 by issuing 52,200 shares of $4 par value common stock for cash at $15 per share. In addition,
Pronghorn issued 2,300 shares of $1 par value preferred stock for $5 per share.
Journalize the issuance of the common and preferred shares. (Credit account titles are automatically indented when amount is entered.
Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles and Explanation
Debit
Credit
April 1
(To record issuance of
mon shares)
April 1
(To record issuance of preferred shares)
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