× Accounting question I Cheg + v ?-SI -d WileyPLUS ? ??? ? https://edugenxvilepl
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× Accounting question I Cheg + v ?-SI -d WileyPLUS ? ??? ? https://edugenxvileplus.com, ed uni WileyPLUS Kimmel, Financial Accounting, 8e FINANCIAL ACCOUNTING (ACCT 221) Home Read. Study & Practice Gradebook ORION Downloadable eTextbook CALCULATOR MESSAGE HY PRINTER VERSION ASSIGNMENT RESOURCES May 2 Cash 103,000 Capital Stock 105,000 (Issued 7,500 shaes of $11 par value common stock at $14 per share) 10 Cash 660,000 Capital Stock 660,000 (Issued 12,000 shares of s19 par value Preferred stock at $55 per share) 9,660 15 Capital Stock Cash 9.660 (Purchased 690 shares of common stock for the treasury at $14 per share) Study Obiective On the basis of the explanation for each entry, prepare the entries that should have been made for the capital stock transactions. (Record journal entries in the order presented in the problem. Credit ?ccount title are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit All Rights Resarved. A Division of Jahn wlsyS 1:24 PM O Type here to search 418/2018Explanation / Answer
JOURNAL ENTRIES
MAY - 2
Dr Cash $1,05,000
Cr Common Stock (7500 x $11) $82,500
Cr Paid-in Capital in Excess of Par $22,500
MAY - 10
Dr Cash $6,60,000
Cr Preferred Stock (12000 x $19) $2,28,000
Cr Paid-in Capital in Excess of Par $4,32,000
MAY - 15
Dr Treasury Stock $9,660
Cr Cash $9,660
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