Required journal entries are:
Date | General Journal | Debit | Credit |
January 2 | Cash | 2500000 | |
Common stock | 100000 | ||
Additional paid in capital | 2400000 | ||
(for 100000 shares issued @ $1 par per share) | |||
February 6 | Cash | 24000 | |
Preferred stock | 20000 | ||
Additional paid in capital - Preferred stock | 4000 | ||
(for 2000 preferred stock issued @ $10 par per share) | |||
September 10 | Treasury stock (10000 * $1 par) | 10000 | |
Additional paid in capital (10000 * $24) | 240000 | ||
Retained earnings | 50000 | ||
Cash | 300000 | ||
(for buy back own shares of $1 par at $30 per share) | |||
December 15 | Cash | 175000 | |
Treasury stock (5000 * $1 par) | 5000 | ||
Additional paid in capital (5000 * $34) | 170000 | ||
(for reissue of treasury stock of $1 par @35 per share |
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Help Save & Exit Saved Submit ework Check my work Finishing Touches has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $16 per share. February 6 Issues 1,100 shares of 98 preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $21 per share. December...
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $17 per share. February 6 Issues 1,200 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $22 per share. December 15 Resells 5,000 shares of treasury stock at $27 per...
Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $24 per share. February 6 Issues 1,900 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $29 per share. December 15 Resells 6,000 shares of treasury stock at $34 per...
Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $18 per share. February 6 Issues 1,300 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $23 per share. December 15 Resells 6,000 shares of treasury stock at $28 per...
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $34 per share. February 6 Issues 2,900 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $39 per share. December 15 Resells 5,000 shares of treasury stock at $44 per...
4 Journal entries are required: 1. Record the issuance of 100,000 shares of common stock for $21 per share. 2. Record the issuance of 1,600 shares of 7% preferred stock for $13 per share. 3. Record the purchase of 12,000 shares of its own common stock for $26 per share. 4. Record the resale of 6,000 shares. Check my work Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions...
5 15 points Finishing Touches has two classes of stock authorized: 9%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Tones 100,000 shares of common stock for $29 per share. February 6 Issues 2,400 shares of 9 preferred stock for $11 per share. September 10 Purchases 11,000 shares of its own common stock for $34 per share. December 15 Resells 5,500 shares of treasury stock...
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $34 per share. February 6 Issues 2,900 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $39 per share. December 15 Resells 5,000 shares of treasury stock at $44 per...
1 Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: 2 Issues 100,000 shares of common stock for $15 per share 6 Issues 1,000 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $20 per share December 15 Resells 6,000 shares of treasury stock at $25 per share....
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $28 per share. February 6 Issues 2,300 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $33 per share. December 15 Resells 5,000 shares of treasury stock at $38 per...