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Mar May 22 Purchased 1,500 shares of treasury stock -common at $15 per share. Sep. 22 Sold 800 shares of treasury stock--common at $22 per share. Oct. 14 Sold 700 shares of treasury stock common at $8 per share. 4 Issued 26,000 shares of $1 par value common stock at $9 per share Print Done
Stock transactions for Mr. Magoo Driving School, Inc. follow 6 (Click the icon to view the transactions.) Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal ent Mar. 4: Issued 26,000 shares of $1 par value common stock at $9 per share Date Accounts and Explanation Debit Credit Mar. 4
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Answer #1
Date Accounts and Explanations Debit Credit
4-Mar Cash 234000
Common stock 26,000
paid in capital in excess of par,CS 208000
22-May Treasury stock (1500*15) 22500
cash 22,500
22-May Cash (800*22) 17600
Treasury stock (800*15) 12000
paid in capital in excess,Treasury stock 5600
14-May cash (700*8) 5,600
paid in capital in excess,Treasury stock 700
Treasury stock (700*9) 6300
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