Question
An inexperienced accountant for Douglas Corporation made the following entries. July 1 Cash 180,000 Common Stock 180,000(Issued 20,000 shares of common stock, par value $6
An inexperienced accountant for Douglas Corporation made the following entries.
July 1
Cash 180,000
Common Stock 180,000(Issued 20,000 shares of common stock, par value $6 per share)
Sept. 1
Common Stock . 24,000
Retained Earnings . 16,000
Cash . 40,000(Purchased 4,000 shares issued on July 1 for the treasury at $10 per share) .
On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions
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Accounting and Financial Analysis in the Hospitality Industry
Authors: Johnathan Hales
1st edition
132458667, 978-0132458665
