Question

Pipe Pig Inc. issued 500 shares of $12 par value common stock and 200 shares of...

Pipe Pig Inc. issued 500 shares of $12 par value common stock and 200 shares of $50 par value preferred stock for a lump-sum of $20,000. The common stock has a market price of $20 per share and the preferred stock has a market price of $70 per share.

Instructions

Record the issuance of both shares of stock.

Computations:

Journal Entry:

Date

Account Title

Debit

Credit
Business   Accounting   
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