Ross Island Co. issues 22,000 shares of no-par value preferred stock for cash at $66.00 per share. The journal entry to record the transaction will consist of a debit to Cash for $1,452,000 and a credit (or credits) to:

it credited to preferred stock

Explanation:

The journal entry for issuance of the preferred stock is as follows:

Cash Dr $1,452,000

       To Preferred stock (22,000 shares × $66) $1,452,000

(Being the issuance of the preferred stock is recorded)

Here the cash is debited as it increased the assets and credited the preferred stock as it increased the stockholder equity

Therefore it credited to preferred stock

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