Exercise 11-2 Crane Company had these transactions during the current period Jun
ID: 2581733 • Letter: E
Question
Exercise 11-2 Crane Company had these transactions during the current period June 12 Issued 89,500 shares of $1 par value common stock Duly 11 I for cash of $335,625 ni ssued 3,500 shares of $104 par value preferred stock for cash at $111 per share Nov 28 Purchased 1,900 shares of treasury stock for $8.350 Prepare the journal entries for the Crane Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do enter O for the amounts.) not indent manually. If no entry is required, select "No Entry" for the account titles and Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKTULSExplanation / Answer
Date
General description
Debit
credit
Jun-12
Issued 89500 shares of $1 par value common stock for cash
cash (89500* $1)
335625
common stock
89500
Paid in capital in excess of stated value - common stock
246125
Jul-11
Issued 3500 shares of $104 par value preferred stock
Cash(3500*111)
388500
Preferred stock (3500*104)
364000
Paid in capital in excess of par value - preferred stock
24500
Nov-28
Purchased 1900 shares of treasury stock for $8350
Treasury stock
8350
cash
8350
Date
General description
Debit
credit
Jun-12
Issued 89500 shares of $1 par value common stock for cash
cash (89500* $1)
335625
common stock
89500
Paid in capital in excess of stated value - common stock
246125
Jul-11
Issued 3500 shares of $104 par value preferred stock
Cash(3500*111)
388500
Preferred stock (3500*104)
364000
Paid in capital in excess of par value - preferred stock
24500
Nov-28
Purchased 1900 shares of treasury stock for $8350
Treasury stock
8350
cash
8350
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