Sheffield corp. is authorized to issue both preferred and common stock. the par value of the preferred is $50. during the first year of operations, the company had the following events and transactions pertaining to its preferred stock. feb. 1 issued 51,500 shares for cash at $54 per share. july 1 issued 67,000 shares for cash at $58 per share. journalize the transactions.

Explanation:

The journal entries are shown below:

On Feb 1

Cash A/c Dr $2,781,000       (51,500 shares × $54)

    To Preferred Stock $2,575,000      (51,500 shares × $50)

    To  Additional Paid-in Capital in excess of par - Preferred stock $206,000

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

On July 1

Cash A/c Dr $3,886,000  (67,000 shares × $58)

    To Preferred Stock $3,350,000       (67,000 shares × $50)

    To  Additional Paid-in Capital in excess of par - Preferred stock $536,000

(Being the issuance of stock is recorded and the remaining balance is credited to the additional paid-in capital account)

explanation:

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whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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