Question
Worldnet Inc. reports the following transactions relating to its stock accounts. Jan 1 Issued 30,000 shares of $6 par value common stock at $15 each
Worldnet Inc. reports the following transactions relating to its stock accounts.
Jan 1 Issued 30,000 shares of $6 par value common stock at $15 each per share.
Feb 26 Issued 5,000 shares of $30 par value, 4% preferred stock at $80 cash per share.
April 15 Purchased 2,000 shares of its own common stock at $15 cash per share.
July 30 Sold 1,500 shares of the treasury stock at $25 cash per share.
1) Please provide the journal entries for each of the transactions above.
2) Please calculate the amount and indicate whether it is on the Debit or Credit side for the "Cash" Account and "Treasury Stock" Account.
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