1 01:56:52 The Clothing Cove has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 February 6 Issues 100,000 shares of common stock for $15 per share. Issues 1,000 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $20 per share. December 15 Resells 6,000 shares of treasury stock at $25 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 17.5 points View transaction list Journal entry worksheet 1 2 3 4 Record the issuance of 100,000 shares of common stock for $15 per share. Note: Enter debits before credits. Date January 02, 2024 General Journal Debit Credit Record entry Clear entry View general journal
1 01:56:52 The Clothing Cove has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 February 6 Issues 100,000 shares of common stock for $15 per share. Issues 1,000 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $20 per share. December 15 Resells 6,000 shares of treasury stock at $25 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 17.5 points View transaction list Journal entry worksheet 1 2 3 4 Record the issuance of 100,000 shares of common stock for $15 per share. Note: Enter debits before credits. Date January 02, 2024 General Journal Debit Credit Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1
01:56:52
The Clothing Cove has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The
following transactions affect stockholders' equity during 2024, its first year of operations:
January 2
February 6
Issues 100,000 shares of common stock for $15 per share.
Issues 1,000 shares of 7% preferred stock for $13 per share.
September 10 Purchases 12,000 shares of its own common stock for $20 per share.
December 15 Resells 6,000 shares of treasury stock at $25 per share.
Required:
Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal
Entry Required" in the first account field.)
17.5
points
View transaction list
Journal entry worksheet
1
2
3
4
Record the issuance of 100,000 shares of common stock for $15 per share.
Note: Enter debits before credits.
Date
January 02, 2024
General Journal
Debit
Credit
Record entry
Clear entry
View general journal
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