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BBLEARN//app/content/launchHandler?cours naro, Secure https://blackboard9. ccnet.edu/webappsubsh-lti integration BBLEARN I p co My Institution Courses Careers Pe myBusinessCourseChapter 11 Homework CC 111:-Principles of Accounting I-Section 06 Fall 2017 urse E Menu Treasury Stock Coastal Corporation issued 25,000 shares of $5 par value common stock at $15 per share and 6,000 shares of $50 par value, eight percent preferred stock at s85 per share. Later, the company purchased 3,000 shares of its own common stock at $20 per share. a. Prepare the journal entries to record the share issuances and the purchase of the common shares b. Assume that Coastal sold 2,000 shares of the treasury stock at $25 per share. Prepare the general journal entry to record the sale of this treasury stock c. Assume that Coastal sold the remaining 1,000 shares of treasury stock at $18 per share. Prepare the journal entry to record the sale of this treasury stock General Journal Ref. Description Debit Credit Common Stock ssued common stock mybusinesscourse.com.platform/moguarattemot.php?artempt» 15. 0 ad Du F2Explanation / Answer
Journal entry
No
No
accounts & explanation Debit credit a Cash a/c 375000 Common stock a/c 125000 Paid in capital in excess of par value 250000 (To record issuance of common stock) b Cash a/c 510000 8% Preferred stock a/c 300000 Paid in capital in excess of par value 210000 (To record issue preferred stock) C Treasury stock a/c 60000 Cash a/c 60000 (To record treasury stock purchased) d) Cash a/c 50000 Treasury stock a/c 40000 Paid in capital frorm sale of treasury stock 10000 (TO record sale of treasury stock) e) Cash a/c 18000 Paid in capital from sale of treasury stock 2000 Treasury stock a/c 20000 (To record sale of treasury stock)Related Questions
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