Question

Prepare entries to record the following:

Hide     a. Issued 1,000 shares of $10 par common stock at $56 for cash. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".             Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Correct 2 of Item 1 Correct 3 of Item 1 Correct 4 of Item 1 Cash Common Stock Paid-In Capital in Excess of Par-Preferred Stock Preferred Stock Retained Earnings Treasury Stock Correct 5 of Item 1 Correct 6 of Item 1 Correct 7 of Item 1 Cash Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Retained Earnings Treasury Stock Correct 8 of Item 1 Correct 9 of Item 1 Correct 10 of Item 1

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Solution

Hide     b. Issued 1,400 shares of common stock in exchange for equipment with a fair market price of $21,000. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".             Cash Common Stock Equipment Paid-In Capital in Excess of Par-Common Stock Treasury Stock Correct 2 of Item 2 Correct 3 of Item 2 Correct 4 of Item 2 Cash Common Stock Equipment Paid-in Capital in Excess of Par-Preferred Stock Retained Earnings Correct 5 of Item 2 Correct 6 of Item 2 Correct 7 of Item 2 Cash Equipment Paid-In Capital-Common Stock Paid-In Capital in Excess of Par-Preferred Stock Treasury Stock Correct 8 of Item 2 Correct 9 of Item 2 Correct 10 of Item 2

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Solution

Hide     c. Purchased 100 shares of treasury stock at $25.             Correct 2 of Item 3 Correct 3 of Item 3   Correct 4 of Item 3   Correct 5 of Item 3

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Hide     d. Sold 100 shares of treasury stock at $30. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".             Cash Common Stock Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Par-Common Stock Treasury Stock Correct 2 of Item 4 Correct 3 of Item 4 Correct 4 of Item 4 Cash Common Stock Paid-In Capital in Excess of Par-Common Stock Retained Earnings Treasury Stock Correct 5 of Item 4 Correct 6 of Item 4 Correct 7 of Item 4 Cash Common Stock Paid-In Capital from Sale of Treasury Stock Paid-in Capital in Excess of Par-Common Stock Preferred Stock Correct 8 of Item 4 Correct 9 of Item 4 Correct 10 of Item 4

Answer 1