Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. april, inc. issued 8,000 shares of preferred stock

April, Inc. issued 8,000 shares of preferred stock for $480,000. The stock has a par...

90.2K

Verified Solution

Question

Accounting

image
April, Inc. issued 8,000 shares of preferred stock for $480,000. The stock has a par value of $60 per share. The journal entry to record this transaction would A. debit Cash $480,000 and credit Preferred Stock- $60 Par Value $480,000 B. credit Cash $480,000 and debit Preferred Stock- $60 Par Value $480,000 C. credit Cash $480,000, debit Preferred Stock - $60 Par Value $8,000; and debit Paid In Capital in Excess of Par-lireferred $472,000 D. debit Cash $480,000, credit Preferred Stock- $60 Par Value $8,000, and credit Paid - In Capital in Excess of Par-Preferred $472000

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Direct labor or machine hours may not be the appropriate costdriver for overheadin all...Direct...

Accounting
Q

Hi, I in Human Genetics.discussing questions on the single gene trait dwarfism and how ir relates...

Biology
Q

X the number of CT resid What is the standard deviati O 1 183 residents...

Statistics
Q

marks 3 a Consider the region in R defined by the following inequalities x x...

Algebra
Q

Government agencies keep data about the income distribution of the population. The Gonzalez family and...

Algebra
Q

The marketing department of Jessi Corporation has submitted the following sales forecast for...

Accounting
Q

journalize the following transactions 38-39. (a) (b) Prepare the journal entry to issue $200,000 bonds...

Accounting
Q

Rick Hall owns a card shop, Halls Cards. The following cash information is available for...

Accounting
Q

Whats the importance of internal control in regards to accounting? With some examples.

Accounting
Q

Sunland industries expects credit sales for january , february and march to be $209600, $252200...

Accounting
Q

1) Alexandra purchased a $70,000 automobile during March of 2023. The business use was 70...

Accounting
Q

Weighted Average Process Costing Minot Processing Company manufactures one product on a continuous basis in...

Accounting