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Issuing and Repurchasing Stock Redbird, Inc., had the following transactions related to its common and preferred stock: March 22 Sold 50,000 shares of $0.50 par
Issuing and Repurchasing Stock
Redbird, Inc., had the following transactions related to its common and preferred stock:
March 22 | Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. | |
November 9 | Repurchased 3,080 shares of the common stock at $20 per share. |
Required:
Prepare the journal entries for these transactions. If an amount box does not require an entry, leave it blank.
Mar. 22 | Accounts PayableAdditional Paid-In Capital-Common StockCashPreferred StockTreasury StockCash | ||
Accounts ReceivableCashCommon StockRetained EarningsTreasury StockCommon Stock | |||
Accounts PayableAdditional Paid-In Capital-Common StockAdditional Paid-In Capital-Treasury StockCashRetained EarningsAdditional Paid-In Capital-Common Stock | |||
Accounts PayableAccounts ReceivableCashPreferred StockRetained EarningsPreferred Stock | |||
Accounts PayableAccounts ReceivableAdditional Paid-In Capital-Preferred StockCashRetained EarningsAdditional Paid-In Capital-Preferred Stock | |||
Nov. 9 | Accounts PayableAccounts ReceivableCashPreferred StockTreasury StockTreasury Stock | ||
Accounts PayableAccounts ReceivableCashRetained EarningsTreasury StockCash |
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