form, pIn proper from post the necessary journal entries from material learned i
ID: 2381712 • Letter: F
Question
form, pIn proper from post the necessary journal entries from material learned in chapter 11 to record the following:
May
1- Issued 1,000 shares of $15 par common stock at $54 for cash.
May
19- Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000.
June 1
Purchased 100 shares of treasury stock at $26.
June15
Sold 100 shares of treasury stock purchased in (c) at $30.
May
1- Issued 1,000 shares of $15 par common stock at $54 for cash.
May
19- Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000.
June 1
Purchased 100 shares of treasury stock at $26.
June15
Sold 100 shares of treasury stock purchased in (c) at $30.
Explanation / Answer
DATE PARTICULARS DEBIT CREDIT 1-May Bank A/C 54000 To Common Stock A/C 15000 To Securities Premium A/C 39000 [Issue of shares for cash.] 19-May Equipment A/C 24000 To Common Stock A/C 21000 To Securities Premium A/C 3000 [Issue of shares for equipments.] 1-Jun Investment (Treasury Stock) A/C 2600 To Bank A/C 2600 [Purchased Treasury Stock @ $26/share.] 15-Jun Bank A/C 3000 To Profit on Sale of Investment A/C 400 To Investment (Treasury Stock) A/C 2600 [Sold Treasury Stock @ $30/share.]
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.