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i am confused as to how to write the journal entry for 12 and 13. I tried 12 on my own but im not sure
i am confused as to how to write the journal entry for 12 and 13. I tried 12 on my own but im not sure it is correct.
C11-1 Financial Reporting of Depreciation, Write-off, Bond Issuance and Common Stock Issuance, Purchase, Reissuance, and Cash Dividends (Chapters 4, 8, 9, 10, and 11) (LO 4-2, 4-5, 8-2, 9-3, 10-3, 11-2, 11-3) American Laser, Inc., reported the following account balances on January 1 Debit $ 5.000 Credit $ 30,000 90,000 2,000 0 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Connon Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury stock TOTALS 247.000 10.000 10,000 10,000 120.000 $262.000 $262.000 The company entered into the following transactions during the year. Jan. 15 Issued 5,000 shares of $1 par common stock for $50,000 cash. Jan. 31 collected $3,000 from customers on account. Feb. 15 Reacquired 3,000 shares of $1 par common stock into treasury for $33,000 cash. Mar . 15 Reissued 2,000 shares of treasury stock for $24,000 cash Aug. 15 Reissued 500 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock. Oet 1 Issued 100, 10-year, $1,000 bonds, at a quoted bond price of 101. Oct. 3 Wrote ofta $2,000 balance due from a customer who want bankrupt. Dec. 29 Recorded $230,000 of service revenue, all of which was collected in canh Dec. 30 Paid $200,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. Dec. 31 Caleulated $10,000 of depreciation for the year to be recorded. Ignore accrual adjustments for interest and income taxes.) Genel Journal entry worksheet Step by Step Solution
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