Analyzing and Identifying Financial Statement Effects of Stock Transactions McNichols Corp reports the following transactions relating to its stock accounts Jan 15 Issued 25,000 shares of $5 par value common stock at $17 cash per share Jan 20 Issued 6,000 shares of $50 par value, 8 preferred stock at $78 cash per share Mar 31 Purchased 3,000 shares of its own common stock at $20 cash per share June 25 Sold 2,000 shares of the treasury stock at $26 cash per share July 15 Sold the remaining 1,000 shares of treasury stock at $19 cash per share b Prepare the journal entries for these transactions General Journal Date Description Debit Credit 1 15 AnswerCashPreferred stockCommon stockTreasury stockAdditional paid in capital Answer Answer Common Stock Answer Answer AnswerCashPreferred stockCommon stockTreasury stockAdditional paid in capital Answer Answer 1 20 AnswerCashPreferred stockCommon stockTreasury stockAdditional paid in capital Answer Answer Preferred stock Answer Answer AnswerCashPreferred stockCommon stockTreasury stockAdditional paid in capital Answer Answer 3 31 AnswerCashPreferred stockCommon stockTreasury stockAdditional paid in capital Answer Answer AnswerCashPreferred stockCommon stockTreasury stockAdditional paid in capital Answer Answer 6 25 AnswerCashPreferred stockCommon stockTreasury stockAdditional paid in capital Answer Answer Additional paid in capital Answer Answer AnswerCashPreferred stockCommon stockTreasury stockAdditional paid in capital Answer Answer 7 15 Cash Answer Answer AnswerCashPreferred stockCommon stockTreasury stockAdditional paid in capital Answer Answer AnswerCashPreferred stockCommon stockTreasury stockAdditional paid in capital Answer Answer b Prepare the journal entries for these transactions General Journal Date Description Debit Credit 1 15 Common Stock 1 20 Preferred stock 3 31 6 25 Additional paid in capital 7 15 Cash Analyzing and Identifying Financial Statement Effects of Stock Transactions McNichols Corp reports the following transactions relating to its stock accounts Jan 15 Issued 25,000 shares of $5 par value common stock at $17 cash per share Jan 20 Issued 6,000 shares of $50 par value, 8 preferred stock at $78 cash per share Mar 31 Purchased 3,000 shares of its own common stock at $20 cash per share June 25 Sold 2,000 shares of the treasury stock at $26 cash per share July 15 Sold the remaining 1,000 shares of treasury stock at $19 cash per share

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Analyzing and Identifying Financial Statement Effects of Stock Transactions McNichols Corp. reports the following transactions relating to its stock accounts. Jan. 15 Issued 25,000 shares

Analyzing and Identifying Financial Statement Effects of Stock Transactions McNichols Corp. reports the following transactions relating to its stock accounts.

Jan. 15	Issued 25,000 shares of $5 par value common stock at $17 cash per share.
Jan. 20	Issued 6,000 shares of $50 par value, 8% preferred stock at $78 cash per share.
Mar. 31	Purchased 3,000 shares of its own common stock at $20 cash per share.
June 25	Sold 2,000 shares of the treasury stock at $26 cash per share.
July 15	Sold the remaining 1,000 shares of treasury stock at $19 cash per share.

b. Prepare the journal entries for these transactions.

General Journal
Date	Description	Debit	Credit
1/15	AnswerCashPreferred stockCommon stockTreasury stockAdditional paid-in capital	Answer	Answer
	Common Stock	Answer	Answer
	AnswerCashPreferred stockCommon stockTreasury stockAdditional paid-in capital	Answer	Answer
1/20	AnswerCashPreferred stockCommon stockTreasury stockAdditional paid-in capital	Answer	Answer
	Preferred stock	Answer	Answer
	AnswerCashPreferred stockCommon stockTreasury stockAdditional paid-in capital	Answer	Answer
3/31	AnswerCashPreferred stockCommon stockTreasury stockAdditional paid-in capital	Answer	Answer
	AnswerCashPreferred stockCommon stockTreasury stockAdditional paid-in capital	Answer	Answer
6/25	AnswerCashPreferred stockCommon stockTreasury stockAdditional paid-in capital	Answer	Answer
	Additional paid-in capital	Answer	Answer
	AnswerCashPreferred stockCommon stockTreasury stockAdditional paid-in capital	Answer	Answer
7/15	Cash	Answer	Answer
	AnswerCashPreferred stockCommon stockTreasury stockAdditional paid-in capital	Answer	Answer
	AnswerCashPreferred stockCommon stockTreasury stockAdditional paid-in capital	Answer	Answer

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b. Prepare the journal entries for these transactions. General Journal Date Description Debit Credit 1/15 Common Stock 1/20 Preferred stock 3/31 6/25 Additional paid-in capital 7/15 Cash . Analyzing and Identifying Financial Statement Effects of Stock Transactions McNichols Corp. reports the following transactions relating to its stock accounts. Jan. 15 Issued 25,000 shares of $5 par value common stock at $17 cash per share. Jan. 20 Issued 6,000 shares of $50 par value, 8% preferred stock at $78 cash per share. Mar. 31 Purchased 3,000 shares of its own common stock at $20 cash per share. June 25 Sold 2,000 shares of the treasury stock at $26 cash per share. July 15 Sold the remaining 1,000 shares of treasury stock at $19 cash per share