Homework Answers
Answer:
| Date | Accounts titles and Explanation | Debit ($) | Credit ($) |
| Apr-01 | Cash(8000*25) | 2,00,000 | |
| Common Stock(8000*7) | 56,000 | ||
| Paid in capital in excess of par - common stock(8000*(25-7) | 1,44,000 | ||
| Apr-07 | Cash(3000*107) | 3,21,000 | |
| Preferred Stock(3000*70) | 2,10,000 | ||
| Paid in capital in excess of par - preferred stock(3000*(107-70) | 1,11,000 |
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