Analyzing and Identifying Financial Statement Effects of Stock Transactions

McNichols Corp. reports the following transactions relating to its stock accounts.

Jan. $15$ Issued $32,000$ shares of $$5$ par value common stock at $$17$ cash per share. Jan. $20$ Issued $7,200$ shares of $$50$ par value, $8\%$ preferred stock at $$78$ cash per share. Mar. $31$ Purchased $3,600$ shares of its own common stock at $$20$ cash per share. Jun. $25$ Sold $2,400$ shares of the treasury stock at $$26$ cash per share. Jul. $15$ Sold the remaining $1,200$ shares of treasury stock at $$19$ cash per share.

a$.$ Prepare the journal entries for these transactions.

b$.$ Post the journal entries to the related T$-$accounts.

Prepare Journal Entries

Post Journal Entries

a$.$ Prepare the journal entries for these transactions.

$\backslash$table$[[$Date$,$Account,Debit,Credit$],[$Jan$.15,,,],[,,],[,,],[$To record common stock issuance.,,$],[$Jan$.20,,,],[,,],[,,],[$To record preferred stock issuance.,,$],[$Mar$.31,v,,],[,,],[$To record purchase of treasury stock.,,$],[$Jun$.25,,,],[,,],[,,],[),,],[$Jul$.15,,,],[,,],[,,],[$To record sale of treasury stock.,,$]]$