Illinois Corporation has two classes of stock common 5 par v

Illinois Corporation has two classes of? stock: common, ?$5 par? value; and? preferred, ?$20 par value.

Requirements 1. Journalize Illinois?\'s issuance of 3 500 shares of common stock for $ 14 per share.

2. Journalize Illinois?\'s issuance of 3 500 shares of preferred stock for a total of $ 70,000. Requirement 1. Journalize Illinois?\'s issuance of 3,500 shares of common stock for $ 14 per share. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.)

Date Accounts and Explanations Debit Credit Requirement

2. Journalize Illinois?\'s issuance of 3 comma 500 shares of preferred stock for a total of $ 70,000. ?(Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.) Date Accounts and Explanation Debit Credit

1) Journal entry :

2) Journal entry :

Date	account & explanation	debit	credit
	Cash (3500*14)	49000
	Common Stock (3500*5)		17500
	Paid in capital in excess of par value-Common Stock		31500
	(To record issue common stock)

$Illinois Corporation has two classes of? stock: common, ?$5 par? value; and? preferred, ?$20 par value. Requirements 1. Journalize Illinois?\'s issuance of 3 50$

Illinois Corporation has two classes of stock common 5 par v

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