Bramble Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 44,000 shares for cash at $53 per share. July 1 Issued 63,000 shares for cash at $54 per share. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Post to the stockholders’ equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose the end date of the accounting period Bal. enter a debit balance choose the end date of the accounting period Bal. enter a credit balance Paid-in Capital in Excess ofPar Value—Preferred Stock choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose the end date of the accounting period Bal. enter a debit balance choose the end date of the accounting period Bal. enter a credit balance

Bramble Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 44,000 shares for cash at $53 per share. July 1 Issued 63,000 shares for cash at $54 per share. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date Feb. 1July 1 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Post to the stockholders’ equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose the end date of the accounting period Bal. enter a debit balance choose the end date of the accounting period Bal. enter a credit balance Paid-in Capital in Excess ofPar Value—Preferred Stock choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose a transaction date 2/17/1 enter a debit amount choose a transaction date 2/17/1 enter a credit amount choose the end date of the accounting period Bal. enter a debit balance choose the end date of the accounting period Bal. enter a credit balance

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 6EB: Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first...

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Date	Account Titles and Explanation	Debit	Credit
choose a transaction date Feb. 1July 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date Feb. 1July 1	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Post to the stockholders’ equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.)

Preferred Stock
choose a transaction date 2/17/1	enter a debit amount	choose a transaction date 2/17/1	enter a credit amount
choose a transaction date 2/17/1	enter a debit amount	choose a transaction date 2/17/1	enter a credit amount
choose the end date of the accounting period Bal.	enter a debit balance	choose the end date of the accounting period Bal.	enter a credit balance

Paid-in Capital in Excess of Par Value—Preferred Stock
choose a transaction date 2/17/1	enter a debit amount	choose a transaction date 2/17/1	enter a credit amount
choose a transaction date 2/17/1	enter a debit amount	choose a transaction date 2/17/1	enter a credit amount
choose the end date of the accounting period Bal.	enter a debit balance	choose the end date of the accounting period Bal.	enter a credit balance

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Feb. 1		Issued 44,000 shares for cash at $53 per share.
July 1		Issued 63,000 shares for cash at $54 per share.