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Please explain why each account is debited / credited and how to do it Anole Company was incorporated as a new business on January 1,
Please explain why each account is debitedcredited and how to do it
Anole Company was incorporated as a new business on January 1, 2024. The company is authorized to issue 20,000 shares of $5 par value common stock and 1 shares of 6%, $ 10 par value, cumulative, participating preferred stock. On January 1 , 2024, the company issued 8,000 shares of common stock for SIS per share and 2,000 shares of preferred stock for $30 per share. Net income for the year ended December 31, 2024, was $375,000. k) Anole sold 500 shares of Treasury Stock for $26 per share on 12/12. Please complete the table below in relation to the recording of the sale. If it isn't used, put N/A in the space. Accounts Additional Paid-in Capital Treasury Stock Retained Eamings Debit/Credit? Credit N/A l) Anole sold another 300 shares of Treasury Stock for $24 per share on 12/30. Please complete the table below in relation to the recording of the sale. If it isn't used, put N/A in the space. Accounts Additional Paid-in Capital Treasury Stock Retained Eamings Debit/Credit? Debit N/A Amount? ssoo N/A Amount? S300 N/A m) Anole sold another 200 shares of Treasury Stock for $20 per share on 1/30/206. Please complete the table below in relation to the recording of the sale. If it isn't used, put N/A in the space. Accounts Additional Paid-in Capital Treasury Stock Retained Eamings Debit/Credit? Debit Debit Amount? S200 ssoo
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