Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions:Jan. 3Issued 57,000 shares at $10 per share.Jun. 15Issued 4,800 shares in exchange for office equipment with a clearly determined value of $45,000.Aug. 16Purchased 2,000 shares of treasury stock at $21 per share.Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.Jan. 3 - Select -- Select - - Select -- Select - - Select -- Select -Jun. 15 - Select -- Select - - Select -- Select - - Select -- Select -Aug. 16 - Select -- Select - - Select -- Select -

Answered: Anslo Fabricating, Inc. is authorized…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions:

Jan. 3	Issued 57,000 shares at $10 per share.
Jun. 15	Issued 4,800 shares in exchange for office equipment with a clearly determined value of $45,000.
Aug. 16	Purchased 2,000 shares of treasury stock at $21 per share.

Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank.

Jan. 3	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
Jun. 15	- Select -	- Select -
	- Select -	- Select -
	- Select -	- Select -
Aug. 16	- Select -	- Select -
	- Select -	- Select -