Flounder Corp. is authorized to issue both preferred and common stock. The par value of...
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Flounder Corp. is authorized to issue both preferred and common stock. The par value of the preferred is 550. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 46,500 shares for cash at $53 per share. July 1 Issued 69,000 shares for cash at $57 per share. (a) Your answer is correct 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 for the amounts.) Debit Credit Date Account Titles and Explanation Cast 2464500 Feb. 1 Preferred Stock Paid in Capital in Excess of Par Valur Preferred Stock 3933000 July 1 + Cash Preferred Stock 8.5/17 Attempts: 2 of 3 used (b) Post to the stockholders equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock Paid-in Capital in Excess of Par Value--Preferred Stock . e Textbook and Media
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