18.) 10.) Blue Spruce Corporation began operations on April 1 by issuing 50,500 shares of $5 par value common stock for cash at $19 per share. On April 19, it issued 1,550 shares of common stock to attorneys in settlement of their bill of $25,100 for organization costs. In addition, Blue Spruce issued 1,250 shares of $1 par value preferred stock for $5 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation (To record issuance of common stock for attorney's fees) (To record issuance of Preferred stock for cash) Debit Credit

18.) 10.) Blue Spruce Corporation began operations on April 1 by issuing 50,500 shares of $5 par value common stock for cash at $19 per share. On April 19, it issued 1,550 shares of common stock to attorneys in settlement of their bill of $25,100 for organization costs. In addition, Blue Spruce issued 1,250 shares of $1 par value preferred stock for $5 cash per share. Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation (To record issuance of common stock for attorney's fees) (To record issuance of Preferred stock for cash) Debit Credit

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter20: Corporations: Organization And Capital Stock

Section: Chapter Questions

Problem 1MP: Stockholders equity accounts and other related accounts of Gonzales Company as of January 1, 20--,...

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St. Marie Company is authorized to issue 1,000,000 shares of $5 par value preferred stock, and 5,000,000 shares of $1 stated value common stock. During the year, the company has the following transactions: Journalize the transactions.
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