ACCT 220 Week 6 Homework
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ACCT 220 Week 6 Homework
- An accounting intern recently made the following
entries.
May
2
Cash
$140,000
Common Stock
$140,000
(Issued 10,000 shares of common
stock of $10 stated value at $12 per share.)
May
10
Cash
$700,000
Preferred Stock
$700,000
(Issued 10,000 shares of $50 par
value preferred stock for $70 per share.)
May
15 Common
Stock $20,000
Cash
$20,000
(Purchased 1,000 shares of common
stock for the treasury for $20 per share.)
May 31
Cash
$12,500
Common
Stock
$10.000
Gain on Sale of
Stock
$2,500
(Sold 500 shares of treasury stock
at $25 per share.)
Based upon the explanation, make the
correct entry for each of the above entries. No further explanation required.
|
Date
|
Account
|
Dr.
|
Cr.
|
- Mary Me Not Corporation has $10 par value common stock
is actively traded at a market price of $20 per share. Mary issues 5,000
shares to purchase land advertising for sale at $120,000. Journalize
the issuance of the stock in exchange for the land.
- On August 15, Joe Rainey Corporation purchases 500
shares of par value common stock for the treasury at a cash price of $10
per share. On November 19, it sells 300 shares of the treasury stock for
$15 per share. Journalize the two transactions.
- In and Out Retailers sell 2,000 shares of $200 par
value preferred stock for $220 each. Journalize the entry.
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