Redbird Inc had the following transactions related to its common and preferred stock January 15 Sold 350,000 shares of $0 10 par common stock for $15 per share Sold 5,000 shares of $20 par preferred stock at $23 per share November 29 Repurchased 30,000 shares of the common stock at $21 per share Re...

Journal Date Account and Explanation Debit Credit Jan 15 Cash 5365000 Common Stock a 35000 Additi ...

Redbird Inc. had the following transactions related to its common and preferred stock: January 15 Sold 350,000

Question:

Redbird Inc. had the following transactions related to its common and preferred stock:
January 15 Sold 350,000 shares of $0.10 par for $15 per share.
Sold 5,000 shares of $20 par preferred stock at $23 per share.
November 29 Repurchased 30,000 shares of the at $21 per share.

Required:
Prepare the journal entries for these transactions. Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...