Question
Blossom Company had these transactions during the current period. June 12 Issued 78,000 shares of $1 par value common stock for cash of $292,500. July
Blossom Company had these transactions during the current period.
June 12 | Issued 78,000 shares of $1 par value common stock for cash of $292,500. | |
July 11 | Issued 2,500 shares of $100 par value preferred stock for cash at $104 per share. | |
Nov. 28 | Purchased 1,000 shares of treasury stock for $7,100. |
Prepare a tabular summary to record the Blossom Company transactions. Include margin explanations for the changes in revenues and expenses. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Assets | = | Liabilities | + | Stockholders Equity | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Paid-in-Capital | + | Retained Earnings | ||||||||||||||||||||
Cash | = | + | Common Stock | + | PIC in Excess of Par Com. | + | Pref. Stock | + | PIC in Excess of Par Pref. | Treasury Stock | + | Revenue | - | Expense | - | Dividend | ||||||
June 22 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | select an account title Common stockPreferred stockDividendsPaid-in-capital in excess of common stockInterest expensePaid-in-capital in excess of preferred stock | |||||||||||
July 11 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title DividendsPaid-in-capital in excess of preferred stockPaid-in-capital in excess of common stockPreferred stockCommon stockInterest expense | |||||||||||
Nov. 28 | enter a dollar amount | enter a dollar amount |
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