Whispering Corporation issued 350 shares of $10 par value common stock and 105 shares of $50 par value preferred stock for a lump sum of $15,750. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par Preferred Stock Debit 15750 Credit 3500 5250
Whispering Corporation issued 350 shares of $10 par value common stock and 105 shares of $50 par value preferred stock for a lump sum of $15,750. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share. Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Do not round intermediate calculations. Round final answers to O decimal places, e.g. 5,125.) Account Titles and Explanation Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par Preferred Stock Debit 15750 Credit 3500 5250
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Whispering Corporation issued 350 shares of $10 par value common stock and 105 shares of $50 par value preferred stock for a lump
sum of $15.750. The common stock has a market price of $20 per share, and the preferred stock has a market price of $100 per share.
Prepare the journal entry to record the issuance. (List all debit entries before credit entries. Credit account titles are automatically indented
when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.
Do not round intermediate calculations. Round final answers to 0 decimal places, e.g. 5,125.)
Account Titles and Explanation
Cash
Common Stock
Paid-in Capital in Excess of Par Common Stock
Preferred Stock
Paid-in Capital in Excess of Par Preferred Stock
Debit
15750
11
Credit
3500
5250
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