Apply l My Applicati × MyGateway Home . nocccd.e: Create & Print Schedule/Bill >

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Apply l My Applicati × MyGateway Home . nocccd.e: Create & Print Schedule/Bill >. C 201 7-CC-Fall-Class. × e https://edugen.wileyplus.com/edugen/lti/main.uni Return to Blackboard Kimmel, Accounting, 6e Help I System Announcements signment ES Exercise 11-2 Wildhorse Co. had these transactions during the current period June 12 Issued 80,000 shares of $1 par value common stock for cash of $300,000. July 11 Issued 2,750 shares of $103 par value preferred stock for cash at $108 per share. Nov. 28 Purchased 1,250 shares of treasury stock for $9,900 Prepare the journal entries for the Wildhorse Co. 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 "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

               Credit Common Stock                                                                 $80 000 (1 * 80 000)

               Credit Paid in capital in Excess par (common stock)             $220 000 (300 000 – 80 000)

               Credit Preferred stock                                                                 $283 250 (2750 * 103)

               Credit Paid in capital excess of par (Preferred stock)           $13 750 (290 000 – 283 250)

               Credit Cash                                       $9 900

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