BE 158 An inexperienced accountant for Douglas Corporation made the following en

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BE 158 An inexperienced accountant for Douglas Corporation made the following entries July 1 Cash... 180,000 180,000 Common Stock.... (Issued 25,000 shares of common stock, par value $6 per share) Sept. 1 Common Stoc. 24,000 Retained Earnings 40,000 Cash.... (Purchased 4,000 shares issued on July 1 for the treasury at $10 per share) Instructions On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. BE 159 On September 5, Borton Corporation acquired 2,500 shares of its own $1 par common stock for $23 per share. On October 15, 1,000 shares of the treasury stock is sold for $25 per share. Instructions Journalize the purchase and sale of the treasury stock assuming that the company uses the cost method BE 160 Wise Company had the following transactions. 1. Issued 5,000 shares of common stock with a stated value of $10 for $130,000. 2. Issued 2,000 shares of $100 par preferred stock at $108 for cash. Instructions Prepare the journal entries to record the above stock transactions. BE 161 On February 1, Barton Corporation issued 5,000 shares of its $20 par value preferred stock for $26 per share. Instructions Journalize the transaction. BE 162 lames Corporation has the following accounts at December 31: Common Stock, $10 par 7,000 share and Treasury the balance sheet. s issued. $70,000; Paid-in Capital in Excess of Par $10,000, Retained Earnings $45.000 Stock-Common, 500 shares, $10,000. Prepare the stockholders' equity section of

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Solution BE 158:

Solution BE 159:

Solution BE 160:

Solution BE 161:

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Journal Entries - Douglas Corporation Date Particulars Debit Credit 1-Jul Cash Dr $180,000.00            To Common Stock $150,000.00            To Paid in capital in excess of par - Common Stock $30,000.00 (Issued 25000 share of common stock, par value $6 per share) 1-Sep Treasury stock Dr $40,000.00            To Cash $40,000.00 (Purchase 4000 shares issued on Jul1 for treasury at $10 per share)

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