Current Attempt in Progress

An inexperienced accountant for Acme Corporation made the following entries:

July $1$

Cash

$170,000$

Common Stock

$170,000$

$($Issued $20,000$ shares of no$-$par common stock, stated value $$5$ per share$)$

Sept.

Common Stock

$36,000$

Retained Earnings

$24,000$

Cash

$60,000$

$($Purchased $4,000$ shares issued on July $1$ for the treasury at $$15$ per share$)$

On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit