Fagan Co. had these transactions during the current period. June 12 Issued 83,00

Question

Fagan Co. had these transactions during the current period.
June 12 Issued 83,000 shares of $1 par value common stock for cash of $311,250. July 11 Issued 3,060 shares of $103 par value preferred stock for cash at $108 per share. Nov. 28 Purchased 1,550 shares of treasury stock for $9,940.
Prepare the journal entries for the Fagan Co. transactions shown above.
Fagan Co. had these transactions during the current period.
June 12 Issued 83,000 shares of $1 par value common stock for cash of $311,250. July 11 Issued 3,060 shares of $103 par value preferred stock for cash at $108 per share. Nov. 28 Purchased 1,550 shares of treasury stock for $9,940.
Prepare the journal entries for the Fagan Co. transactions shown above.

Explanation / Answer

Date Accounts Title & Explaination Debit Credit June 12 Cash 311250 Common stock 83000 Additional Paid in Capital 228250 July 11 Cash 330480 Preferred stock 315180 Additional Paid in Capital 15300 Nov. 28 Treasury Stock 9940 Cash 9940

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