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Cheyenne Corp. was organized on January 1, 2025. It is authorized to issue 21,000 shares of 7%, $50 par value preferred stock and 454,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 May 1 Sept. 1 Nov. 1 Issued 67,000 shares of common stock for cash at $5 per share. Issued 15,000 shares of preferred stock for cash at $52 per share. Issued 112,000 shares of common stock for cash at $7 per share. Issued 4,400 shares of common stock for cash at $6 per share. Issued 2,400 shares of preferred stock for cash at $55 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 O for the amounts. List all debit entries before credit entries.) Date > > Account Titles and Explanation Debit Credit

Cheyenne Corp. was organized on January 1, 2025. It is authorized to issue 21,000 shares of 7%, $50 par value preferred stock and 454,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Jan. 10 Mar. 1 May 1 Sept. 1 Nov. 1 Issued 67,000 shares of common stock for cash at $5 per share. Issued 15,000 shares of preferred stock for cash at $52 per share. Issued 112,000 shares of common stock for cash at $7 per share. Issued 4,400 shares of common stock for cash at $6 per share. Issued 2,400 shares of preferred stock for cash at $55 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 O for the amounts. List all debit entries before credit entries.) Date > > Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cheyenne Corp. was organized on January 1, 2025. It is authorized to issue 21,000 shares of 7%, $50 par value preferred stock and 454,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Issued 67,000 shares of common stock for cash at $5 per share. Issued 15,000 shares of preferred stock for cash at $52 per share. Issued 112,000 shares of common stock for cash at $7 per share. May 1 Sept. 1 Issued 4,400 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,400 shares of preferred stock for cash at $55 per share. Jan. 10 Mar. 1 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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Date Debit Credit
Transcribed Image Text:Cheyenne Corp. was organized on January 1, 2025. It is authorized to issue 21,000 shares of 7%, $50 par value preferred stock and 454,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year. Issued 67,000 shares of common stock for cash at $5 per share. Issued 15,000 shares of preferred stock for cash at $52 per share. Issued 112,000 shares of common stock for cash at $7 per share. May 1 Sept. 1 Issued 4,400 shares of common stock for cash at $6 per share. Nov. 1 Issued 2,400 shares of preferred stock for cash at $55 per share. Jan. 10 Mar. 1 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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Date Debit Credit
Post to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part.) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Prepare the paid-in capital portion of tockholder 'eq section at December 31, provide descriptive information.) CHEYENNE CORP. Partial Balance Sheet $ (Enter account name only and do $
Transcribed Image Text:Post to the stockholders' equity accounts. (Post entries in the order of journal entries posted in the previous part.) Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Prepare the paid-in capital portion of tockholder 'eq section at December 31, provide descriptive information.) CHEYENNE CORP. Partial Balance Sheet $ (Enter account name only and do $
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