Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. current attempt in progress cheyenne corp. was org

Current Attempt in Progress Cheyenne Corp. was organized on January 1, 2022. It is authorized...

80.2K

Verified Solution

Question

Accounting

imageimage

Current Attempt in Progress Cheyenne Corp. was organized on January 1, 2022. It is authorized to issue 21,000 shares of 7%, $53 par value preferred stock and 454,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 1 May Sept. Nov. Issued 67,000 shares of common stock for cash at $4 per share. Issued 1,140 shares of preferred stock for cash at $56 per share. Issued 112,000 shares of common stock for cash at $7 per share. Issued 4,400 shares of common stock for cash at $8 per share. Issued 2,400 shares of preferred stock for cash at $56 per share. 1 1 Journalize the transactions. (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.) Debit Credit Date Jan. 10 Account Titles and Explanation Cash 268000 Common Stock 1: Paid-in Capital in Excess of Stated Value-Common Stock 1: Mar. 1 Cash 63840 Preferred Stock Paid-in Capital in Excess of Par Value-Preferred Stock May 1

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students