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During its first year of operations, Buffalo Company had the following transactions pertaining to its common stock Jan. 5 Issued 45,000 shares for cash
During its first year of operations, Buffalo Company had the following transactions pertaining to its common stock Jan. 5 Issued 45,000 shares for cash at $5 per share. Aug 1 Sept. 20 Issued 19,000 shares for cash at $10 per share. Issued 4,000 shares and paid $46,000 in cash to a vendor in exchange for computers. The list price of the computers totaled $89,000. Dec. 19 Issued 38,000 shares for cash at $11 per share. (a) Your answer is partially correct. Prepare the journal entries for these transactions, assuming that the common stock has a par value of $2 per share. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit
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