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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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