Question

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
	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	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	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	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	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount

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