Record stock transactions. (LO 1, 3) Show how each of the following transactions affects the accounting equation.
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Record stock transactions. (LO 1, 3)
Show how each of the following transactions affects the accounting equation.
April 1 Issued 50,000 shares of \(\$ 0.01\) par value common stock for cash of \(\$ 300,000\)
June 1 Issued 1,000 shares of \(\$ 100\) par value preferred stock for cash at \(\$ 120\) per share June 30 Purchased 2,000 shares of treasury stock for \(\$ 6\) per share (i.e., the company bought its own common stock in the stock market)
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