On January 1, 2014, Wooden Company issued 16,000 shares of $2 par value common s

Question

On January 1, 2014, Wooden Company issued 16,000 shares of $2 par value common stock for $120,000. On March 1, 2014, the company purchased 2,000 shares of its common stock for $15 per share for the treasury.

Journalize the stock transactions of Wooden Company in 2014. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. 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

Explanation / Answer

1. Cash. .................................................................................................. 120,000

Common Stock. ........................................................................32000

Paid-in Capital in Excess of Par ValueCommon Stock. ...... 88000

2. Treasury Stock. .................................................................................. 30000

Cash.....................................................................................................................30000

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