during the current period. June 12 Issued 82,500 shares of $1 par value common stock for cash of $309,375. July 11 Issued 4,250 shares of $104 par value preferred stock for cash at $112 per share. Nov. 28 Purchased 1,95 shares of treasury stock for $9,750. Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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.) Date V Account Titles and Explanation Debit Credit
during the current period. June 12 Issued 82,500 shares of $1 par value common stock for cash of $309,375. July 11 Issued 4,250 shares of $104 par value preferred stock for cash at $112 per share. Nov. 28 Purchased 1,95 shares of treasury stock for $9,750. Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when 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.) Date V Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
June 12 Issued 82,500 shares of $1 par value common stock for $309,375. July 11 Issued 4,250 shares of $104 par value preferred stock for cash at $112 per share. Nov. 28 Purchased 1,9s shares of treasury stock for $9,750. Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit
Transcribed Image Text:ransactions during the current period.
June 12
Issued 82,500 shares of $1 par value common stock for cash of $309,375.
July 11
Issued 4,250 shares of $104 par value preferred stock for cash at $112 per share.
Nov. 28
Purchased 1,95 shares of treasury stock for $9,750.
Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the
problem. Credit account titles are automatically indented when 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.)
Date
>
Account Titles and Explanation
Debit
Credit
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