Instructions a. Issued 1,000 shares of $10 par common stock at $59 for cash. b. Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $60,000. c. Purchased 100 shares of treasury stock at $32. d. Sold the 100 shares of treasury stock purchased in (c) at $42. Required: Prepare entries to record the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 510 Cost of Goods Sold 141 Inventory 145 Supplies 151 Prepaid Insurance 515 Credit Card Expense 520 Salaries Expense 181 Land 191 Buildings 192 Accumulated Depreciation-Building 193 Equipment 194 Accumulated Depreciation Equipment 531 Advertising Expense 532 Delivery Expense 533 Rent Expense 534 Insurance Expense 535 Supplies Expense hart of Accounts 194 Accumulated Depreciation-Equipment LIABILITIES 535 Supplies Expense 536 Organizational Expenses 561 Depreciation Expense-Building 562 Depreciation Expense-Equipme 590 Miscellaneous Expense 210 Accounts Payable 221 Notes Payable 226 Interest Payable 231 Cash Dividends Payable 241 Salaries Payable 261 Mortgage Note Payable 710 Interest Expense EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322 Paid-In Capital in Excess of Par-Common Stock 323 Paid-In Capital in Excess of Stated Value-Common Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Preferred Stock 312 Paid-In Capital in Excess of Par-Preferred Stock 321 Common Stock 322 Paid-In Capital in Excess of Par-Common Stock 323 Paid-In Capital in Excess of Stated Value-Common Stock 331 Treasury Stock 332 Paid-In Capital from Sale of Treasury Stock 336 Stock Dividends Distributable 340 Retained Earnings 351 Cash Dividends 352 Stock Dividends PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST RE DERIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 2 9 10 11