Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction and post the transactions to the provided ledger

image text in transcribedimage text in transcribed

Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction and post the transactions to the provided ledger cards as you go along. Note: You will not be posting the complete entries post to only the accounts listed in the ledger cards. a. On Jan 1, Jones Junkyard issued 5,000 shares of $3 par common stock for $18,000. b. On March 15, Jones Junkyard purchased 2,000 shares of their own stock on the open market for $12 cash per share. c. On July 10, Jones Junkyard re-issued 1,500 shares of treasury stock for $15 per share. d. On October 31, Jones Junkyard re-issued 500 shares of treasury stock for $11 per share. Journal entries: Date Jan 1 Cash Common Stock Description Paid in Capital in Excess of Par Value, Common Stock Mar 15 Treasury Stock, Common Cash July 10 Cash Paid in capital treasury stock Debit Credit 15,000 x 15000 3,000 24000 24000 22500 4500-

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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

Advanced Accounting

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

12th edition

133451860, 978-0133451863

More Books

Students also viewed these Accounting questions

Question

Why are stereotypes so resistant to change?

Answered: 1 week ago