ACCT 220 Week 6 Homework
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ACCT 220 Week 6 Homework
·
An accounting intern recently
made the following entries.
May
2
Cash
$140,000
Common
Stock
$140,000
(Issued 10,000 shares of common stock of $10 stated value at $12
per share.)
May
10
Cash
$700,000
Preferred Stock
$700,000
(Issued 10,000 shares of $50 par value preferred stock for $70
per share.)
May
15 Common
Stock $20,000
Cash
$20,000
(Purchased 1,000 shares of common stock for the treasury for $20
per share.)
May 31
Cash
$12,500
Common
Stock
$10.000
Gain on Sale of
Stock
$2,500
(Sold 500 shares of treasury stock at $25 per share.)
Based upon the explanation, make the correct entry for each of
the above entries. No further explanation required.
|
Date
|
Account
|
Dr.
|
Cr.
|
·
Mary Me Not
Corporation has $10 par value common stock is actively traded at a market price
of $20 per share. Mary issues 5,000 shares to purchase land advertising for
sale at $120,000. Journalize the issuance of the stock in exchange for
the land.
·
On August 15, Joe
Rainey Corporation purchases 500 shares of par value common stock for the
treasury at a cash price of $10 per share. On November 19, it sells 300 shares
of the treasury stock for $15 per share. Journalize the two transactions.
·
In and Out Retailers
sell 2,000 shares of $200 par value preferred stock for $220 each. Journalize
the entry.
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