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 c Post the journal entries from b to the related T accounts Cash (A) 1 15 Answer Answer 1 20 Answer Answer 3 31 Answer Answer 6 25 Answer Answer 7 15 Answer Answer Preferred Stock (SE) 1 15 Answer Answer 1 20 Answer Answer 3 31 Answer Answer 6 25 Answer Answer 7 15 Answer Answer Common Stock (SE) 1 15 Answer Answer 1 20 Answer Answer 3 31 Answer Answer 6 25 Answer Answer 7 15 Answer Answer Treasury Stock (XSE) 1 15 Answer Answer 1 20 Answer Answer 3 31 Answer Answer 6 25 Answer Answer 7 15 Answer Answer Additional Paid in Capital (SE) 1 15 Answer Answer 1 20 Answer Answer 3 31 Answer Answer 6 25 Answer Answer 7 15 Answer Answer Common Stock (SE) Treasury Stock (XSE) c Post the journal entries from b to the related T accounts Cash (A) Preferred Stock (SE) 1 15 1 15 1 20 3 31 3 31 6 25 6 25 7 15 7 15 1 15 1 20 3 31 1 15 1 20 1 20 3 31 6 25 6 25 7 15 7 15 Additional Paid in Capital (SE) 1 15 1 20 3 31 6 25 7 15 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

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 07, 2024

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.

c. Post the journal entries from b to the related T-accounts.

Cash (A)
1/15	Answer	Answer
1/20	Answer	Answer
3/31	Answer	Answer
6/25	Answer	Answer
7/15	Answer	Answer

Preferred Stock (SE)
1/15	Answer	Answer
1/20	Answer	Answer
3/31	Answer	Answer
6/25	Answer	Answer
7/15	Answer	Answer

Common Stock (SE)
1/15	Answer	Answer
1/20	Answer	Answer
3/31	Answer	Answer
6/25	Answer	Answer
7/15	Answer	Answer

Treasury Stock (XSE)
1/15	Answer	Answer
1/20	Answer	Answer
3/31	Answer	Answer
6/25	Answer	Answer
7/15	Answer	Answer

Additional Paid-in Capital (SE)
1/15	Answer	Answer
1/20	Answer	Answer
3/31	Answer	Answer
6/25	Answer	Answer
7/15	Answer	Answer

Common Stock (SE) Treasury Stock (XSE) c. Post the journal entries from b to the related T-accounts. Cash (A) Preferred Stock (SE) 1/15 1/15 1/20 3/31 3/31 6/25 6/25 7/15 7/15 1/15 1/20 3/31 1/15 1/20 1/20 3/31 6/25 6/25 7/15 7/15 Additional Paid-in Capital (SE) 1/15 1/20 3/31 6/25 7/15 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