Exercise 11-2 Sandhill Co. had these transactions during the current period June

Question

Exercise 11-2 Sandhill Co. had these transactions during the current period June 12 Issued 87,000 shares of $1 par value common stock for cash of $326,250 July 11 Issued 2,750 shares of $103 par value preferred stock for cash at $110 per share. Nov. 28 Purchased 2,150 shares of treasury stock for $7,900 Prepare the journal entries for the Sandhill Co. transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Journal entry :

Date account & explanation debit credit June 12 Cash 326250 Common Stock 87000 Paid in capital in excess of par value-Common Stock 239250 (To record issue common stock) July 11 Cash (2750*110) 302500 Preferred stock (2750*103) 283250 Paid in capital in excess of par value-Preferred stock 19250 (To record issue preferred stock) Nov 28 Treasury stock 7900 Cash 7900 (To record purchase treasurys stock)

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