Exercise 11-2 Odlumber Camnany had these transactions dunng the current pro une

Question

Exercise 11-2 Odlumber Camnany had these transactions dunng the current pro une 12 [ssw1 79,000 shares of $1 par value (ommon stock fr sh or $795,250. July 11 tssu d 2,500 shares at s 105 par val.preraTad stock tor cash at $113 per share. Nov. 28 Furchazed 1.000 hares of recury tock for $8,150. Prepare the journal entries for the Culumber Company transections shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented vaben amount is entered. Do not indent manually, f no entry is required, select "No Entry" for the account titles and enter o for the amounts.) and Lxplena Delil Credit Question Attempts: 0 ot 2 uced

Explanation / Answer

Journal entry :

Date accounts & explanation debit credit June 12 Cash a/c 296250 Common stock a/c 79000 Paid in capital in excess of par value-common stock 217250 July 11 Cash a/c 282500 Preferred stock a/c 262500   Paid in capital in excess of par value-preferred stock 20000 Nov 28 Treasury stock a/c 8150 Cash a/c 8150

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