Brief exercise 218 https//edugen.wileyplus.com/edugen/student/mainfr.uni YouTube

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Brief exercise 218 https//edugen.wileyplus.com/edugen/student/mainfr.uni YouTube yr Twitter fh Moodle D bergen N Yahoo ¥ Espanol D WileyPLUS-Home / ment : 07:09 PM / Remaining: 50 min. Brief Exercise 218 Samson Company had the following transactions 1. Issued 5,000 shares of $100 par preferred stock at $107 for cash. 2. Issued 8,000 share of common stock with a par value of $10 for $120,000. 3. Purchased 500 shares of treasury common stock for $12,000 Prepare the journal entries to record the above stock transactions. (Credit account titles are aut If no entry is required, select "No Entry" for the account tities and enter o for the amount No. Account Titles and Explanation DebitCredit 1. 2. 3. SHOW LIST OF ACCouNTS ghts Reserved. A

Explanation / Answer

Answer: No. Account title and explanation Debit Credit 1 Cash $          535,000.00 (5,000 shares* $107) Preferred Stock $         500,000.00 (5,000 shares* $100) Paid-in capital in Excess of Par Value-Preferred Stock $           35,000.00 (5,000 shares* $7) (Being 5,000 shares issued for $107 each.) 2 Cash $          120,000.00 Common Stock $           80,000.00 (8,000 shares* $10) Paid-in capital in Excess of Par-Value-Common Stock $           40,000.00 (8,000 shares* $5) (Being 8,000 common stock issued for $120,000) 3 Treasury Stock $            12,000.00 Cash $           12,000.00 (Being 500 common treasury stock purchased for $12,000)

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