Windsor, Inc. began operations on April 1 by issuing 58,000 shares of $5 par value common stock for cash at $18 per share. On April 19, it issued 1,700 shares of common stock to attorneys in settlement of their bill of $25,500 for organization costs. In addition, Windsor issued 900 shares of $2 par value preferred stock for $8 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem. 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 O for the amounts) Date Account Titles and Explanation Debit Credit
Windsor, Inc. began operations on April 1 by issuing 58,000 shares of $5 par value common stock for cash at $18 per share. On April 19, it issued 1,700 shares of common stock to attorneys in settlement of their bill of $25,500 for organization costs. In addition, Windsor issued 900 shares of $2 par value preferred stock for $8 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the order presented in the problem. 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 O for the amounts) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Windsor, Inc. began operations on April 1 by issuing 58,000 shares of $5 par value common stock for cash at $18 per share. On April
19, it issued 1,700 shares of common stock to attorneys in settlement of their bill of $25,500 for organization costs. In addition,
Windsor issued 900 shares of $2 par value preferred stock for $8 cash per share.
Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (Record journal entries in the
order presented in the problem. 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 O for the amounts.)
Date
>
Account Titles and Explanation
(To record issuance of common stock for attorney's fees)
(To record issuance of Preferred stock for cash)
Debit
Credit
100
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