Exercise 11-2 Sheridan Company had these transactions during the current period.

Question

Exercise 11-2 Sheridan Company had these transactions during the current period. June 12 Issued 84,000 shares of $1 par value common stock for cash of $315,000. July 11 Issued 3,400 shares of $102 par value preferred stock for cash at $107 per share. Nov. 28 Purchased 1,350 shares of treasury stock for $8,150 Prepare the journal entries for the Sheridan 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 O for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Jun-12 Cash 315000       Common stock 84000       Paid in capital in excess of par-Common stock 231000 Jul-11 Cash 363800 =3400*107 Preferred stock 346800 =3400*102       Paid in capital in excess of par-Preferred stock 17000 Nov-28 Treasury stock 8150        Cash 8150

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