Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock. Indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account and the dollar amount in the amount columns assuming that Sunshine Corp on Jan . 15 received cash for the issuance of 2,000 shares of preferred stock at par value. JOURNAL
Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock, $100 par, and 200,000 shares of $25 par common stock. Indicate the account that should be recorded in the Description column of the Journal item (2) as the credit account and the dollar amount in the amount columns assuming that Sunshine Corp on Jan . 15 received cash for the issuance of 2,000 shares of preferred stock at par value. JOURNAL
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5
JOURNAL
Date |
Description |
P.Ref |
DEBIT |
CREDIT |
Jan. 15 |
(1) |
|
(?) |
|
|
(2) |
|
|
(?) |
|
(2) |
|
|
(?) |
Group of answer choices
Preferred Stock credit $200,000
Preferred Stock credit for $10,000
Cash credit for $200,000
Cash credit for $10,000
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