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pass the journal entries Aban, Inc. was incorporated on January 1, 20X1 with 100,000 shares authorized by the state. The following events apply to the
pass the journal entries
Aban, Inc. was incorporated on January 1, 20X1 with 100,000 shares authorized by the state. The following events apply to the company's first year of operations. No. Transaction 1 Issued for cash 6,000 shares of $10 par value common stock at a market price of $25 per share. 2 Earned $45,000 cash revenue from services provided. 3 Incurred $25,000 of salaries expense, not yet paid. 4 Declared a $3,000 cash dividend. 5 Re-purchased 1,000 shares of $10 par stock at a price of $30 per share. The stock was originally sold at $25 per share in event #1. 6 Paid $2,000 cash dividends. 7 Re-issued 700 shares of the treasury stock at a price of $32 per share.
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