[regewade]

My corportation issued 2,000 shares of $25 par value common stock and 300 shares of 13%, $50 par value preferred stock for cash at par value.

Need journal entry for this scenario.

[pready]

Debit Cash for the whole amount received
Credit Preferred Stock for the par value of preferred shares * number of shares of preferred shares
Credit Common Stock for par value of common shares * the par value of common shares