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Pronghorn Island Corporation began operations on April 1 by issuing 52,200 shares of $5 par value common stock for cash at $15 pe share. In addition, Pronghorn Island issued 2,300 shares of $1 par value preferred stock for $5 per share.

Pronghorn Island Corporation began operations on April 1 by issuing 52,200 shares of $5 par value common stock for cash at $15 pe share. In addition, Pronghorn Island issued 2,300 shares of $1 par value preferred stock for $5 per share.

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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Pronghorn Island Corporation began operations on April 1 by issuing 52,200 shares of $5 par value common stock for cash at $15 per share. In addition, Pronghorn Island 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 the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit April 1 April 1 (To record issuance of common shares) (To record issuance of preferred shares)
Transcribed Image Text:Pronghorn Island Corporation began operations on April 1 by issuing 52,200 shares of $5 par value common stock for cash at $15 per share. In addition, Pronghorn Island 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 the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit April 1 April 1 (To record issuance of common shares) (To record issuance of preferred shares)
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