Home Lawn and Garden Company, Inc. had these transactions during the current period. March 22 Issued 40,000 shares of $3 stated value common stock for cash of $160,000. May 11 Issued 8,000 shares of $25 par value preferred stock for cash at $60 per share. June 18 Purchased 3,000 shares of treasury stock for $15,000. Instructions Prepare the journal entries in proper form with correct account names for the transactions listed above.
Home Lawn and Garden Company, Inc. had these transactions during the current period. March 22 Issued 40,000 shares of $3 stated value common stock for cash of $160,000. May 11 Issued 8,000 shares of $25 par value preferred stock for cash at $60 per share. June 18 Purchased 3,000 shares of treasury stock for $15,000. Instructions Prepare the journal entries in proper form with correct account names for the transactions listed above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Home Lawn and Garden Company, Inc. had these transactions during the current period.
March 22 Issued 40,000 shares of $3 stated value common stock for cash of $160,000.
May 11 Issued 8,000 shares of $25 par value preferred stock for cash at $60 per share.
June 18 Purchased 3,000 shares of treasury stock for $15,000.
Instructions
Prepare the journal entries in proper form with correct account names for the transactions
listed above.
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