Ivanhoe Company had these transactions during the current period June 12 Issued

Question

Ivanhoe Company had these transactions during the current period June 12 Issued 86,500 shares of $1 par value common stock for cash of $324,375 July 11 Issued 3,100 shares of $103 par value preferred stock for cash at $108 per share. Nov. 28 Purchased 1,800 shares of treasury stock for $9,350 Prepare the journal entries for the Ivanhoe Company transactions shown above. (Record journal entries in the order presented in the problem. entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Journals:

1.Cash a/c...Dr324375

To common stock $86500(86500*1)

To paid in capital in excess of par-common stock $237875

2.Cash a/c..Dr$334800(3100*108)

To preferred stock 319300(3100*103)

To paid in capital in excess of par-preferred stock $15500

3.

Treasury stock Dr$9350

To Cash $9350.

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.