Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Oriole Company had these transactions during the current period. June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875. July

Oriole Company had these transactions during the current period.

June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875.
July 11 Issued 4,050 shares of $100 par value preferred stock for cash at $106 per share.
Nov. 28 Purchased 1,350 shares of treasury stock for $8,550.

Prepare a tabular summary to record the Oriole Company transactions. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

Assets

=

Liabilities

+

Stockholders Equity

Paid-in-Capital Retained Earnings
Cash = + Common Stock + PIC in Excess of Par Com. + Pref. Stock + PIC in Excess of Par Pref. Treasury Stock +

Revenue

- Expense - Dividend
June 22 $

$

$

$

$

$

$

$

$

$

July 11

Nov. 28

Click if you would like to Show Work for this question:

Open Show Work

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

Step: 3

blur-text-image

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

Financial Management Principles And Practice

Authors: Timothy Gallagher

6th Edition

1930789157, 978-1930789159

More Books

Students also viewed these Finance questions