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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
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 $17,000. b. On March 15, Jones Junkyard purchased 4,000 shares of their own stock on the open market for $12 cash per share. c. On July 10, Jones Junkyard re-issued 3,000 shares of treasury stock for $14 per share. d. On October 31, Jones Junkyard re-issued 1,000 shares of treasury stock for $11 per share. Journal entries: Date Description Debit Credit Jan 1 Cash Mar 15 Treasury Stock, Common Cash July 10 lulv 10 Cash Cash Oct 31 Cash Ledger cards: Treasury Stock, Common Date Debits Credits Balance Beg. Bal. Mar 15 * July 10 * Oct 31 D * Paid in Capital, Treasury Stock Debits Credits Balance Date Beg. Bal. July 10 : Oct 31, D
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