At Westonci.ca, we connect you with the best answers from a community of experienced and knowledgeable individuals. Get quick and reliable solutions to your questions from knowledgeable professionals on our comprehensive Q&A platform. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.
Sagot :
Therefore, the entry to journalize this transaction would consist of a debit to the cash account for $891,100 and a credit to the preferred stock account for the same amount. The journal is shown below.
Debit Credit
------------ ------------
Cash $891,100
Preferred Stock $891,100
A journal is a book or record where a company's financial transactions are recorded. The journal is the first step in the accounting cycle, and it is used to record transactions in chronological order. These transactions are then transferred to the appropriate ledger accounts and used to prepare the company's financial statements. The journal is an important tool for keeping track of a company's financial transactions and ensuring that they are recorded accurately and consistently.
Sneed corporation issued 13,300 shares of preferred stock for cash at $67 per share. The total amount of cash received from this transaction is: 13,300 x $67 = $891,100.
Learn more about journal, here https://brainly.com/question/14041868
#SPJ4
Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. We hope this was helpful. Please come back whenever you need more information or answers to your queries. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.
