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 $1 par value common stock. Treasury Stock Additional Paid-in Capital from Treasury Stock Common Stock Additional Paid-in Capital from Common Stock Cash Land Retained Earnings Common Stock Dividend Distributable Cash Dividends Payable Preferred Stock Equipment Additional Paid-in Capital from Preferred Stock In its fifth year, the corporation has the following transactions. Using the accounts listed above, journalize the transactions. PLEASE NOTE: For accounts having similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the textbook. You must enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345). Mar. 1 - 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

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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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.

Treasury Stock	Additional Paid-in Capital from Treasury Stock	Common Stock
Additional Paid-in Capital from Common Stock	Cash	Land
Retained Earnings	Common Stock Dividend Distributable	Cash Dividends Payable
Preferred Stock	Equipment	Additional Paid-in Capital from Preferred Stock

In its fifth year, the corporation has the following transactions. Using the accounts listed above, journalize the transactions.

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 dollar amounts will be rounded to whole dollars using "$" and commas as needed (i.e. $12,345).

Mar. 1 - 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

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