Question
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock.
NOTE: I know I'm throwing you a bit of a curve on this problem. Please go to Chapter14 on Treasury Stock (p.875).
Treasury Stock | Additional Paid-in Capital from Treasury Stock | Common Stock |
Additional Paid-in Capital from Common Stock | Cash | Land |
Retained Earnings | Common Stock Dividend Distributable | Cash Dividends Payable |
Preferred Stock | Equipment | Additional Paid-in Capital from Preferred Stock |
In its fifth year, the corporation has the following transactions. Using the accounts listed above, journalize the transactions.
PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345).
- Mar. 1 - Purchased 1,000 shares of its own common stock at $11 per share:
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DR CR - Apr. 10 - Reissued 500 shares of its common stock held in the treasury for $15 per share:
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DR CR CR - Jun. 12 - Reissued 500 shares of common stock at $9 per share:
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DR DR CR
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