Samson Company had the following transactions. Purchased 500 shares of treasury

Question

Samson Company had the following transactions.

Purchased 500 shares of treasury common stock for $12,000.

1.) Prepare the journal entries to record the above stock transactions. (Credit account titles are automatically indented when the 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.)

LIST OF ACCOUNTS -

Accounts Payable
Accounts Receivable
Accumulated Depreciation-Buildings
Allowance for Doubtful Accounts
Bad Debt Expense
Buildings
Cash
Cash Dividends
Common Stock
Common Stock Dividends Distributable
Depreciation Expense
Dividends Payable
Income Summary
Income Tax Expense
Income Taxes Payable
Land
No Entry
Other Operating Expenses
Paid-in Capital in Excess of Par Value-Common Stock
Paid-in Capital in Excess of Par Value-Preferred Stock
Paid-in Capital in Excess of Stated Value-Common Stock
Preferred Stock
Retained Earnings
Service Revenue
Stock Dividends
Supplies
Supplies Expense
Treasury Stock
Unearned Service Revenue

1. Issued 5,000 shares of $100 par preferred stock at $107 for cash. 2. Issued 8,000 share of common stock with a par value of $10 for $120,000. 3.

Purchased 500 shares of treasury common stock for $12,000.

Explanation / Answer

S.No Acount Title Debit Credit 1 Cash/Bank        535,000 Preferred Stock        500,000 Paid-in Capital in Excess of Par Value-Preferred Stock            35,000 2 Cash/Bank        120,000 Common Stock            80,000 Paid-in Capital in Excess of Par Value-Common Stock            40,000 3 Treasury Stock            12,000 Cash/Bank            12,000

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