Please help me with the second part Tran Corporation is authorized to issue both
ID: 2518443 • Letter: P
Question
Please help me with the second part
Tran Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $51. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 22,500 shares for cash at $56 per share. July 1 Issued 14,000 shares for cash at $60 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.) Account Titles and Explanation ebit Credit Feb. 1 Cash 1260000 Preferred Stc 1147500 Paid-in Capit 112500 July 1 Cash 840000 Preferred Stc 714000 Paid-in Capit 126000 Post to the stockholders equity accounts. (Post entries in the order of journal entries presented in the previous part.) Preferred Stock Explanation Ref Debit Credit Balance Date Feb. 1 July 1 Paid-in Capital in Excess of Stock Explanation Ref Debit Credit Balance Date Feb. 1 July 1Explanation / Answer
Post stockholder's equity accounts :
Preferred stock Date Explanation Ref Debit credit Balance Feb 1 Issue 22500 preferred share on 56 per share 1147500 1147500 July 1 Issue 14000 preferred share on 60 per share 714000 1861500 Paid in capital in excess of par-preferred stock Date Explanation ref Debit credit Balance Feb 1 Issue 22500 preferred share on 56 per share 112500 112500 July 1 Issue 14000 preferred share on 60 per share 126000 238500