9. EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. Using the following accounts, complete the transactions below:Preferred StockAdditional Paid-in Capital from Common StockCash Dividends PayableCashTreasury StockAdditional Paid-in Capital from Preferred StockAdditional Paid-in Capital from Treasury StockRetained EarningsCommon StockPLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345).Mar. 01 - Purchased 1,000 shares of its own common stock at $11 per share. DR CR Apr. 10 - Reissued 500 shares of its common stock held in the treasury for $15 per share. DR CR CR Jun. 12 - Reissued 500 shares of common stock at $9 per share. DR DR CR

Journal entries are the primary reporting of the business transactions in the books of accounts.…

Answered: EllaJane Corporation was organized…

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

9. EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value common stock. Using the following accounts, complete the transactions below:

Preferred Stock	Additional Paid-in Capital from Common Stock	Cash Dividends Payable
Cash	Treasury Stock	Additional Paid-in Capital from Preferred Stock
Additional Paid-in Capital from Treasury Stock	Retained Earnings	Common Stock

PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345).

Mar. 01 - Purchased 1,000 shares of its own common stock at $11 per share.
DR

CR
Apr. 10 - Reissued 500 shares of its common stock held in the treasury for $15 per share.
DR

CR

CR
Jun. 12 - Reissued 500 shares of common stock at $9 per share.
DR

DR

CR