Sea the World Cruises, Inc., began operations in January by issuing 500,000 shares of $0.10 par value common stock for $10 per share. It also issued 1,000 shares of $150 par value, 6%, cumulative preferred stock for $150 each. The journal entry to record the issuance of the preferred stock includes a ______.
a. debit Cash $9,000
b. debit Preferred Stock $150,000
c. debit Preferred Stock $9,000
d. credit Cash $9,000
e. credit Preferred Stock $9,000
f. debit Cash $150,000
g. credit Cash $150,000
h. credit Preferred Stock $150,000
Answer:
f. debit Cash $150,000
h. credit Preferred Stock $150,000
Business
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