Fallow Co. had the following transactions during the current period. Issued 5,00
ID: 2456698 • Letter: F
Question
Fallow Co. had the following transactions during the current period. Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $38,000 for services provided in helping the company to incorporate. Mar. 2 June Issued 60,000 shares of $1 par value common stock for cash of $475,000. 12 July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Nov Purchased 2,000 shares of treasury stock for $18,000 28 Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 2 June 12 July 11Explanation / Answer
Fallow Co. Ltd.
Jounal entries
Date Account titles and explanations Debit($) credit($) Mar.2 Ttorneys Bills payable 38000 To common stock 5000 To additional paid in capital-common stock 33000 June12 Cash A/c Dr. 475000 To common stock 60000 To additional paid in capital-common stock 415000 July11 Cash A/c Dr. 11000 To preffered stock 10000 To additional paid in capital-preffered stock Nov28 Treasury Stock A/c Dr. 18000 To cash A/c 18000Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.