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Current Attempt in Progress An inexperienced accountant for Larkspur Corporation made the following entries: July 1 Cash Common Stock 154,700 154,700 (Issued 18,200 shares of no-par common stock, stated value $5 per share) Sept. 1 Common Stock 31,950 Retained Earnings 21,300 Cash 53,250 (Purchased 3,550 shares issued on July 1 for the treasury at $15 per share) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect. List all debit entries before credit entries.) Date Account Titles and Explanation July 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Sept. 1✰ Treasury Stock Cash Debit 154700 53250 Credit 91000 63700 53250

Current Attempt in Progress An inexperienced accountant for Larkspur Corporation made the following entries: July 1 Cash Common Stock 154,700 154,700 (Issued 18,200 shares of no-par common stock, stated value $5 per share) Sept. 1 Common Stock 31,950 Retained Earnings 21,300 Cash 53,250 (Purchased 3,550 shares issued on July 1 for the treasury at $15 per share) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect. List all debit entries before credit entries.) Date Account Titles and Explanation July 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Sept. 1✰ Treasury Stock Cash Debit 154700 53250 Credit 91000 63700 53250

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter11: Stockholders' Equity
Section: Chapter Questions
Problem 11.14AMCP
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Current Attempt in Progress An inexperienced accountant for Larkspur Corporation made the following entries: July 1 Cash Common Stock 154,700 154,700 (Issued 18,200 shares of no-par common stock, stated value $5 per share) Sept. 1 Common Stock 31,950 Retained Earnings 21,300 Cash 53,250 (Purchased 3,550 shares issued on July 1 for the treasury at $15 per share) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect. List all debit entries before credit entries.) Date Account Titles and Explanation July 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Sept. 1✰ Treasury Stock Cash Debit 154700 53250 Credit 91000 63700 53250
Transcribed Image Text:Current Attempt in Progress An inexperienced accountant for Larkspur Corporation made the following entries: July 1 Cash Common Stock 154,700 154,700 (Issued 18,200 shares of no-par common stock, stated value $5 per share) Sept. 1 Common Stock 31,950 Retained Earnings 21,300 Cash 53,250 (Purchased 3,550 shares issued on July 1 for the treasury at $15 per share) On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect. List all debit entries before credit entries.) Date Account Titles and Explanation July 1 Cash Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Sept. 1✰ Treasury Stock Cash Debit 154700 53250 Credit 91000 63700 53250
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