Question
I am having trouble with these journal entries, please help! On January 1, 2019, the Amity Island Swimsuit Company had 10,000 shares of 5%, $100
I am having trouble with these journal entries, please help!
On January 1, 2019, 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.
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