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Journalize the issuance of the common and preferred shares

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Bridgeport Corporation began operations on April 1 by issuing 51,500 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 1,650 shares of common stock to attorneys in settlement of their bill of $25,300 for organization costs. In addition, Bridgeport issued 1,200 shares of $1 par value preferred stock for $7 cash per share.

Problem 1: Journalize the issuance of the common and preferred shares, assuming the shares are not publicly traded.

Reference no: EM132779768

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