Whispering Winds Corporation began operations on April 1 by issuing 59,500 shares of $5 par value common stock for cash at $14 per share. On April 19, it issued 2,450 shares of common stock to attorneys in settlement of their bill of $26,900 for organization costs. In addition, Whispering Winds issued 1,150 shares of $1 par value preferred stock for $6 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Apr. 19 v Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock (To record issuance of Preferred stock for cash) 69000 DUN 1150 575000

Whispering Winds Corporation began operations on April 1 by issuing 59,500 shares of $5 par value common stock for cash at $14 per share. On April 19, it issued 2,450 shares of common stock to attorneys in settlement of their bill of $26,900 for organization costs. In addition, Whispering Winds issued 1,150 shares of $1 par value preferred stock for $6 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Apr. 19 v Cash Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock (To record issuance of Preferred stock for cash) 69000 DUN 1150 575000

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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