Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I'm more concerned if I got this right Instructions x a. Issued 1,000 shares of $10 par common stock at $56. b. Issued 1,400 shares

image text in transcribedimage text in transcribedI'm more concerned if I got this right

Instructions x a. Issued 1,000 shares of $10 par common stock at $56. b. Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000. c. Purchased 100 shares of treasury stock at $25. d. Sold the 100 shares of treasury stock purchased in (c) at $30. Required: Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles. General Journal JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Cash 56,000.00 1 2 Paid-In Capital in Excess of Par-Common Stock 46,000.00 1 3 Common Stock 10,000.00 1 4 Equipment 21,000.00 1 5 Paid-In Capital in Excess of Par-Common Stock 7,000.00 1 6 Common Stock 14,000.00 1 7 Treasury Stock 2,500.00 1 8 Cash 2,500.00 9 Cash 3,000.00 1 10 Treasury Stock 2,500.00 1 11 Paid-In Capital from Sale of Treasury Stock 500.00 1

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurship

Authors: Andrew Zacharakis, William D Bygrave

5th Edition

1119563097, 9781119563099

Students also viewed these Accounting questions