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