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For Feet's Sake has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $23 per share. February 6 Issues 1,800 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $28 per share. December 15 Resells 5,000 shares of treasury stock at $33 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No 1 2 3 Date January 02, 2024 Cash Answer is complete but not entirely correct. February 06, 2024 Cash Common Stock Additional Paid-in Capital General Journal Preferred Stock Additional Paid-in Capital September 10, 202 Treasury Stock 333 333 3 Debit 2,300,000 21,600✔ 280.000✔ Credit 1,000,000 X 1,300,000 x 18,000 3,600

For Feet's Sake has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $23 per share. February 6 Issues 1,800 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $28 per share. December 15 Resells 5,000 shares of treasury stock at $33 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No 1 2 3 Date January 02, 2024 Cash Answer is complete but not entirely correct. February 06, 2024 Cash Common Stock Additional Paid-in Capital General Journal Preferred Stock Additional Paid-in Capital September 10, 202 Treasury Stock 333 333 3 Debit 2,300,000 21,600✔ 280.000✔ Credit 1,000,000 X 1,300,000 x 18,000 3,600

FINANCIAL ACCOUNTING
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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Two cells for journal entry 1 were marked incorrect. Could you please help me find the correct values?

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For Feet's Sake has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $23 per share. February 6 Issues 1,800 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $28 per share. December 15 Resells 5,000 shares of treasury stock at $33 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No 1 2 3 4 Date January 02, 2024 Cash February 06, 2024 Cash > Answer is complete but not entirely correct. Common Stock Additional Paid-in Capital General Journal Preferred Stock Additional Paid-in Capital September 10, 202 Treasury Stock Cash December 15, 202 Cash Treasury Stock Additional Paid-in Capital >>> 333 > > 33 3 Debit 2,300,000✔ 21,600✔ 280,000✔ 165,000✔ Credit 1,000,000 X 1,300,000 x 18,000✔ 3,600✔ 280,000✔ 140.000✔ 25,000
Transcribed Image Text:For Feet's Sake has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $23 per share. February 6 Issues 1,800 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $28 per share. December 15 Resells 5,000 shares of treasury stock at $33 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) No 1 2 3 4 Date January 02, 2024 Cash February 06, 2024 Cash > Answer is complete but not entirely correct. Common Stock Additional Paid-in Capital General Journal Preferred Stock Additional Paid-in Capital September 10, 202 Treasury Stock Cash December 15, 202 Cash Treasury Stock Additional Paid-in Capital >>> 333 > > 33 3 Debit 2,300,000✔ 21,600✔ 280,000✔ 165,000✔ Credit 1,000,000 X 1,300,000 x 18,000✔ 3,600✔ 280,000✔ 140.000✔ 25,000
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