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Windsor Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $108,000. 2 b. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $186 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, eg. 1,225. Credit account titles are automatically indented when the 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) No. Account Titles and Explanation a. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit Credit 111000 5000 83822 10000 12178 b. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock 111000 5000 91000 10000 5000

Windsor Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $108,000. 2 b. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $186 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, eg. 1,225. Credit account titles are automatically indented when the 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) No. Account Titles and Explanation a. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit Credit 111000 5000 83822 10000 12178 b. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock 111000 5000 91000 10000 5000

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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Windsor Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $108,000. 2 b. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $186 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, eg. 1,225. Credit account titles are automatically indented when the 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) No. Account Titles and Explanation a. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit Credit 111000 5000 83822 10000 12178 b. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock 111000 5000 91000 10000 5000
Transcribed Image Text:Windsor Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $108,000. 2 b. Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210 each Prepare the journal entry for the issuance when only the market price of the common stock is known and it is $186 per share. (List all debit entries before credit entries. Do not round intermediate calculations. Round final answers to O decimal places, eg. 1,225. Credit account titles are automatically indented when the 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) No. Account Titles and Explanation a. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock Debit Credit 111000 5000 83822 10000 12178 b. Cash Common Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Paid-in Capital in Excess of Par-Preferred Stock 111000 5000 91000 10000 5000
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