Beauty Island Corporation began operations on April 1 by issuing 55,000 shares of $5 par...
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Accounting
Beauty Island Corporation began operations on April 1 by issuing 55,000 shares of $5 par value common stock for cash at $13 per share. In addition, Beauty Island issued 1,000 shares of $1 par value preferred stock for $6 per share.
Journalize the issuance of the common and preferred stock.
Please help me explain it very specifically!
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