Exercise 11-2 Blossom Company had these transactions during the current period J

Question

Exercise 11-2 Blossom Company had these transactions during the current period June 12 Issued 82,000 shares of $1 par value common stock for cash of $307,500 July 11 Issued 3,700 shares of $101 par value preferred stock for cash at $105 per share. Nov. 28 Purchased 2,450 shares of treasury stock for $8,800 Prepare the journal entries for the Blossom Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account tities are automatically indented when amount is entered. Do not indent manually. If no entry is required, select 'he entry, for the account titles and enter 0 for the amounts.) Date Account Tities and Explanation Debit Credit

Explanation / Answer

Journal Entries Date Account Title and explanation Debit Credit Cash Account $               3,07,500 June ,12        To Common Stock $                     82,000        To Excess on par value - Common Stock $                 2,25,500 (To Record the issuance of common shares at premium) July, 11 Cash Account $               3,88,500        To Preferred Stock $                 3,73,700        To Excess on par value - Preferred Stock $                     14,800 (To Record the issuance of Preferred shares at premium) Nov, 28 Common Stock $                     2,450 Excess on Par Value - Common Stock $                     6,350           To Cash Account $                       8,800 (To Record the purhase of treasury stock)

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

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