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Diane's Designs has two classes of stock authorized: 8%, $10 par value preferred and $1 par value common. The following transactions affect stockholders' equity
Diane's Designs has two classes of stock authorized: 8%, $10 par value preferred and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 1 Issue 200,000 shares of common tock for $15 per share. February 6 Issue 1,000 shares of preferred stock for $11 per share. October 10 Purchase 10,000 shares of its own common stock for $18 per share. November 12 Resell 5,000 shares of treasury stock at $20 per share. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No Date General Journal Debit. Credit 1 January 01, 2021 Cash 3,000,000 Common Stock Additional Paid-in Capital 200,000 2,800,000 ( 2 February 06, 2021Cash 3 Preferred Stock Additional Paid-in Capital October 10, 2021 Treasury Stock 000 11,000 10,000 ( 1,000 180,000 Cash 4 November 12, 202 Cash Treasury Stock Additional Paid-in Capital 00 000 180,000 100,000 5,000 95,000 (
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