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Cheyenne Corp. was organized on January 1, 2022. It is authorized to issue 21,000 shares of...

Cheyenne Corp. was organized on January 1, 2022. It is authorized to issue 21,000 shares of 7%, $53 par value preferred stock and 454,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.

Jan. 10 Issued 67,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 1,140 shares of preferred stock for cash at $56 per share.
May 1 Issued 112,000 shares of common stock for cash at $7 per share.
Sept. 1 Issued 4,400 shares of common stock for cash at $8 per share.
Nov. 1 Issued 2,400 shares of preferred stock for cash at $56 per share.

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 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

choose a transaction date

enter an account title

enter a debit amount

enter a credit amount

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enter a credit amount

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enter a credit amount

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enter a debit amount

enter a credit amount

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enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

choose a transaction date   

enter an account title

enter a debit amount

enter a credit amount

enter an account title

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enter a credit amount

enter an account title

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enter a credit amount

choose a transaction date   

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Answer #1
Date Account Titles and Explanation Debit Credit
Jan. 10 Cash $268,000
     Common Stock                                                                          [67,000 shares x $2 per share] $134,000
     Paid-in Capital in Excess of Stated Value - Common Stock      [67,000 shares x ($4 - $2)] $134,000
Mar. 1 Cash $63,840
     Preferred Stock                                                                     [1,140 shares x $53 per share] $60,420
     Paid-in Capital in Excess of Par Value - Preferred Stock     [1,140 shares x $56 - $53)] $3,420
May. 1 Cash $784,000
     Common Stock                                                                         [112,000 shares x $2 per share] $224,000
     Paid-in Capital in Excess of Stated Value - Common Stock     [112,000 shares x ($7 - $2)] $560,000
Sept. 1 Cash $35,200
     Common Stock                                                                        [4,400 shares x $2 per share] $8,800
     Paid-in Capital in Excess of Stated Value - Common Stock    [4,400 shares x ($8 - $2)] $26,400
Nov. 1 Cash $134,400
     Preferred Stock                                                                      [2,400 shares x $53] $127,200
     Paid-in Capital in Excess of Par Value - Preferred Stock      [2,400 shares x ($56 - $53)] $7,200
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