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Bridgeport Corporation has a December 31 year end. On January 1, 2024, the company had the following shareholders' equity accounts: Preferred shares, $3 non-cumulative, unlimited number authorized, 5,500 issued $1,402.500 Common shares, unlimited number authorized, 235,000 issued 5,170,000 Retained earnings 2,865,000 Bridgeport had the following transactions during 2024: Feb. 28 Issued 1,500 Preferred shares at $130 per share. Apr. 3 Reacquired 14,000 Common Shares at $20 a share. Prepare the appropriate journal entries for the transactions during 2024. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Feb. 28 Apr.3 Account Titles Cash Preferred Shares Common Shares Contributed Surplus Cash Debit 195000 20000 300000 Credit 195000 280000 SUPPO

Bridgeport Corporation has a December 31 year end. On January 1, 2024, the company had the following shareholders' equity accounts: Preferred shares, $3 non-cumulative, unlimited number authorized, 5,500 issued $1,402.500 Common shares, unlimited number authorized, 235,000 issued 5,170,000 Retained earnings 2,865,000 Bridgeport had the following transactions during 2024: Feb. 28 Issued 1,500 Preferred shares at $130 per share. Apr. 3 Reacquired 14,000 Common Shares at $20 a share. Prepare the appropriate journal entries for the transactions during 2024. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Feb. 28 Apr.3 Account Titles Cash Preferred Shares Common Shares Contributed Surplus Cash Debit 195000 20000 300000 Credit 195000 280000 SUPPO

FINANCIAL ACCOUNTING
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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Bridgeport Corporation has a December 31 year end. On January 1, 2024, the company had the following shareholders' equity accounts: Preferred shares, $3 non-cumulative, unlimited number authorized, 5,500 issued $1,402.500 Common shares, unlimited number authorized, 235,000 issued 5,170,000 2,865,000 Retained earnings Bridgeport had the following transactions during 2024: Feb. 28 Apr. 3 Prepare the appropriate journal entries for the transactions during 2024. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Issued 1,500 Preferred shares at $130 per share. Reacquired 14,000 Common Shares at $20 a share. Date Feb. 28 Apr 3 Account Titles Cash Preferred Shares Common Shares Contributed Surplus Cash Debit 195000 20000 300000 Credit 195000 280000 SUPPORT
Transcribed Image Text:Bridgeport Corporation has a December 31 year end. On January 1, 2024, the company had the following shareholders' equity accounts: Preferred shares, $3 non-cumulative, unlimited number authorized, 5,500 issued $1,402.500 Common shares, unlimited number authorized, 235,000 issued 5,170,000 2,865,000 Retained earnings Bridgeport had the following transactions during 2024: Feb. 28 Apr. 3 Prepare the appropriate journal entries for the transactions during 2024. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Issued 1,500 Preferred shares at $130 per share. Reacquired 14,000 Common Shares at $20 a share. Date Feb. 28 Apr 3 Account Titles Cash Preferred Shares Common Shares Contributed Surplus Cash Debit 195000 20000 300000 Credit 195000 280000 SUPPORT
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