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Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $20 par value, 11,800 shares
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $20 par value, 11,800 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,600 shares of common stock for cash at $40 per share. b. Sold 1,900 shares of common stock for cash at $45 per share. c. At year-end, the accounts reflected income of $6,800. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Sold 6,600 shares of common stock for cash at $40 per share. Note: Enter debits before credits. General Journal Debit Credit Transaction a. Journal entry worksheet Sold 1,900 shares of common stock for cash at $45 per share. Note: Enter debits before credits. General Journal Debit Credit Transaction b
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