Ayayai Corporation issued 460 shares of $100 par value preferred stock for $56,100. Prepare Ayayai’s journal entry. (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.) Account Titles and Explanation Debit Credit

Explanation:

The journal entry is as follows

Cash or Bank Dr $56,100

       To Preferred stock $46,000   (460 shares × $100)

       To Paid in capital in excess of par value - common stock $10,100

(Being the issuance of the preferred stock is recorded)

By recording this given transaction, we debited the cash or bank account and credited the preferred stock and paid in capital in excess of par value so that the correct posting could be done

the correct answer is - no.

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