Identifying and Analyzing Financial Statement Effects of Stock Transactions

Lipe Company reports the following transactions relating to its stock accounts.

Feb. $20$ Issued $12,000$ shares of $$1$ par value common stock at $$25$ cash per share.

Feb. $21$ Issued $18,000$ shares of $$100$ par value, $8\%$ preferred stock at $$250$ cash per share.

Jun. $30$ Purchased $2,400$ shares of its own common stock at $$15$ cash per share.

Sep. $25$ Sold $1,200$ shares of the treasury stock at $$21$ cash per share.

a$.$ Prepare the journal entries for these transactions.

b$.$ Post the journal entries to the related T$-$accounts.

a$.$ Prepare the journal entries for these transactions.

$\backslash$table$[[\backslash$table$[[$Date$],[$Feb$.20]],$Account,Debit,Credit$],[$A$),0,0],[\backslash$Delta $],0,0],[$t$)(-2-1-2-10,0,0],[$To record common stock issuance.,,$],[$Feb$.21,$A$),0,0],[,0,0],[),0,0],[$To record preferred stock issuance.,,$],[$Jun$.30,),0,0],[),0,0],[$To record purchase of treasury stock.,,$],[$Sep$.25,(2)(2),0,0],[),0,0],[),0,0],[$To record sale of treasury stock.,,$]]$

b$.$ Post the journal entries to the related T$-$accounts.