Question

Stock transactions for Mr. Magoo Driving School, Inc. follow (Click the loon to view the transactions.) Journalire the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Mar. 4: Issand 20,000 shares of 31 par value common stock at $10 per share Date Accounts and Explanation Debit Credit More info May 22: Purchased 800 shares of treasurystock-common M 513 per share Accounts and Explanation May 22 Mar May Sep Oct Issued 20.000 shares of $1 par vice common to per share 22 Purchased 800 shares of treasurystod common at $ per share 22 Sold 500 shares of treasurystock-common 519 per share 14 Sold 300 shares of treaty stock common at 5 pershare Debit Credit Print Done Sep. 22: Sold 500 shares of treasury stock common at $10 per share Accounts and Explanation Deb Credit Choose from any store any number in the input beds and then continue to the next question 5 Y R

Answer 1

Requirement:1

Date	Accounts and Explanation	Debit	Credit
Mar. 4	Cash [ 20000*10 ]	$     200,000
	Common stock ( 20000*1 )		$    20,000
	Paid-In-Capital in Excess of Par Value- Common Stock [20000*9 ]		$ 180,000
	(To record Common Stock Issued)

Requirement:2

Date	Accounts and Explanation	Debit	Credit
May. 22	Treasury Stock [800*13 ]	$        10,400
	Cash		$    10,400
	(To record Treasury Stock purchased)

Requirement:3

Date	Accounts and Explanation	Debit	Credit
Sept. 22	Cash [500*19 ]	$          9,500
	Treasury Stock [500*13]		$      6,500
	Additional Paid-In Cap - Treasury Stock [500*6 ]		$      3,000
	(To record treasury stock resold)

Requirement:4

Date	Accounts and Explanation	Debit	Credit
Oct. 14	Cash [300*9]	$          2,700
	Additional Paid-In Cap - Treasury Stock [300*4]	$          1,200
	Treasury Stock [300*13]		$      3,900
	(To record treasury stock resold)