Example of Journal Entries by Dee-Light Corporation

Business    / Accounting  -On January 6, Dee-Light Corporation issued 19,400 shares of $1 par value

On January 6, Dee-Light Corporation issued for cash 19,400 shares of $1 par value common stock at $27 per share. On May 10, Dee-Light issued at par 5,800 shares of preferred 5% stock, $20 par for cash. On June 22, Dee-Light issued for cash 22,950 shares of 5%, $25 par value preferred stock at $32 per share. Determine the amount of cash that Dee-Light will receive from each of these stock issuance.
Issue Date        Cash Received
January 6        $
May 10        $
June 22        $

Recording in the Accounting System

Journalize the entry to record the January 6 issuance of common stock. If an amount box does not require an entry, leave it blank or enter “0”.

Journalize the entry to record the May 10 issuance of preferred stock.

Journalize the entry to record the June 22 issuance of preferred stock. If an amount box does not require an entry, leave it blank or enter “0”.