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 April 1 April 1 (To record issuance of common shares) (To record issuance of preferred shares) Debit Credit
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 April 1 April 1 (To record issuance of common shares) (To record issuance of preferred shares) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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)
I
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