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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
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 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 1Step by Step Solution
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