Exercise 11-2 Blossom Company had these transactions during the current period.
ID: 2539602 • Letter: E
Question
Exercise 11-2
Blossom Company had these transactions during the current period.
Prepare the journal entries for the Blossom Company 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 0 for the amounts.)
Date
Account Titles and Explanation
Debit
Credit
June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 2,800 shares of $101 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 3,350 shares of treasury stock for $8,450.Explanation / Answer
Date General Journal Debit Credit June 12 Cash $313,125 Common Stock $83,500 Paid-in Capital in Excess of Par Value—Common Stock $229,625 July 11 Cash (2,800 × $106) $296,800 Preferred Stock (2,800 × $101) $282,800 Paid-in Capital in Excess of Par Value—Preferred Stock $14,000 Nov. 28 Treasury Stock $8,450 Cash $8,450
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