number 5 Do Homework - abdullah aliyu - Google Chrome https://www.math secure co

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Do Homework - abdullah aliyu - Google Chrome https://www.math secure com Student PlayerHomework.aspx?homeworkid=465651522&questionid-7;&flushed-false;&cid;=4850108&center; inayes ACC 10201 SP18 Homework: Chapter 6 Graded Homework Score: 0 of 12 pts 5 of 9 (1 complete) E13-26 (similar to) Stock transactions for Mr. Magoo Driving School, Inc. follow: (Click the icon to view the transactions.) the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 4: Issued 26,000 shares of $1 par value common stock at $9 per share. Date Accounts and Explanation Debit Credit Mar. 4 More Info Mar. May Sep. Oct. 4 Issued 26,000 shares of $1 par value common stock at $9 per share. 22 Purchased 900 shares of treasury stock-common at $13 per share. 22 Sold 600 shares of treasury stock-common at $25 per share. 14 Sold 300 shares of treasury stock-common at $9 per share Print Done

Explanation / Answer

Date Accounts and explanation Debit Credit 4-Mar Cash 26000*9 $        234,000 Common stock 26000*1' $          26,000 Paid in capital in excess of par-common stock $        208,000 (Common stock issued) 22-May Treasury stock 900*13 $          11,700 Cash $          11,700 (Purchased treasury stock) 22-Sep Cash 600*25 $          15,000 Treasury stock 600*13 $            7,800 Paid in capital from treasury stock $            7,200 (600 Treasury stock sold) 14-Oct Cash 300*9 $            2,700 Paid in capital from treasury stock $            1,200 Treasury stock 300*13 $            3,900 (300 treasury stock sold)

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