x-co issued 1,000 shares of its 5%, $10 par value, cumulative preferred stock for $100 cash per share. the journal entry to record this event includes:

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04-11-2022
Business

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x-co issued 1,000 shares of its 5%, $10 par value, cumulative preferred stock for $100 cash per share. the journal entry to record this event includes:

Answer :

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abiolataiwo2015 abiolataiwo2015 · Answer 1 · 2022-11-07T11:39:36-05:00

If the company issued 1,000 shares of its 5%, $10 par value, cumulative preferred stock for $100 cash per share. the journal entry to record this event includes: is: Debit Cash $100,000 ; Credit to Preferred Stock $100,000.

How to prepare the journal entry?

Based on the given information we were told that the company issued 1,000 shares in which the cumulative preferred stock is the amount $100 cash per share. The appropriate journal entry to record the transaction is:

Journal entry

Debit Cash $100,000

Credit to Preferred Stock $100,000

( To record preferred stock)

Workings:

Preferred stock = 1,000 shares × $100 cash per shares

Preferred stock = $1000,000

Therefore the correct journal entry to record the transaction is to debit cash with the amount of $100,000 and credit Preferred stock with the amount of $100,000.

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