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Sagot :
Therefore, the entry to journalize this transaction would consist of a debit to the cash account for $891,100 and a credit to the preferred stock account for the same amount. The journal is shown below.
Debit Credit
------------ ------------
Cash $891,100
Preferred Stock $891,100
A journal is a book or record where a company's financial transactions are recorded. The journal is the first step in the accounting cycle, and it is used to record transactions in chronological order. These transactions are then transferred to the appropriate ledger accounts and used to prepare the company's financial statements. The journal is an important tool for keeping track of a company's financial transactions and ensuring that they are recorded accurately and consistently.
Sneed corporation issued 13,300 shares of preferred stock for cash at $67 per share. The total amount of cash received from this transaction is: 13,300 x $67 = $891,100.
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