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Posted: **Sat May 07, 2022 8:15 pm**

: Bridgeport Corp Is Authorized To Issue Both Preferred And Common Stock The Par Value Of The Preferred Is 50 During T 1 (32.27 KiB) Viewed 32 times

: Bridgeport Corp Is Authorized To Issue Both Preferred And Common Stock The Par Value Of The Preferred Is 50 During T 2 (33.67 KiB) Viewed 32 times

Bridgeport Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock. Feb. 1 Issued 45.000 shares for cash at $51 per share. Issued 65,000 shares for cash at $57 per share July 1 Your answer is correct Journalize the transactions. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and explanation Debit Credit Feb. 1 Cash 2295000 2250000 Preferred Stock
Your answer is partially correct. Post to the stockholders' equity accounts. (Use T-accounts.) (Post entries in the order of journal entries posted in the previous part.) Preferred Stock 2/1 5200000 7/1 8280000 Bal. 13480000 Paid-in Capital in Excess of Par Value-Preferred Stock 2/17 9464000 7/1 15897600 Bal. 25361600