Question
Hello, Can someone help me with this problem please...Regarding Accounting 101 Journalize the following transactions: On January 1, 2014, the Amity Island Swimsuit Company had
Hello, Can someone help me with this problem please...Regarding Accounting 101
Journalize the following transactions:
On January 1, 2014, the Amity Island Swimsuit Company had 10,000 shares of 5%, $100 par, cumulative Preferred Stock authorized with 4,000 shares issued and outstanding. It also had 50,000 shares of $5 par common stock authorized with 15,000 shares issued and outstanding.
Jan 4 Sold 8,000 shares of $5 par common stock for $15 per share.
Jan 17 Sold 2,000 shares of $100 par, 5%, cumulative, preferred stock for $160 per share.
May 12 Purchased 1,200 shares of treasury stock common for $16 per share.
Jun 14 Re-issued 300 of the treasury shares purchased on May 12 for $18 per share.
Jul 18 Issued 2,000 shares of common stock in exchange for legal services. The value of the stock at the time of issue was $17 per share.
Aug 24 Purchased equipment with a fair market value of $120,000 by paying $24,000 in cash, issuing a note payable for $80,000 and issuing 800 shares of $5 par common stock.
Oct 7 Re-issued 400 of the treasury shares purchased on May 12 for $14 per share.
Nov 2 Declared $95,000 in dividends to be paid on December 2 to stockholder
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