our company is authorized to issue 10,000 shares of $50 par value preferred stock. on august 21 we issued 3,000 shares for $55 per share. what account(s) and amount(s) would we debit when we record the journal entry for this transaction?

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leasincobe20 leasincobe20

24-10-2022
Business

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our company is authorized to issue 10,000 shares of $50 par value preferred stock. on august 21 we issued 3,000 shares for $55 per share. what account(s) and amount(s) would we debit when we record the journal entry for this transaction?

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KrishnaMitra KrishnaMitra · Answer 1 · 2022-11-05T20:26:09+01:00

The issuance of 10,000 shares of preferred stock with a par value of $50 is authorized. A $165,000 debit would be made to the Cash account on August 21 after the issuance of 3,000 shares at $55 each.

What is a journal entry?

An accounting system for a company keeps track of transactions through journal entries. The foundation of the double-entry accounting method, which has been in use for ages, is journal entries. They make it possible to track the objectives for which a business has used its resources as well as the sources of those resources.

Transactions are recorded in an accounting journal that shows a company's debit and credit balances. There are several transaction records of an organization in the journal entry, and each one is either considered a credit or a debit. The total of the debits and credits must equal zero for the journal entry to be considered balanced.

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