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Instructions On May 23, Washburn Realty Inc. issued for cash 93,000 shares of no-par common stock (with a stated value $5) at $6. On July 6, Washburn Realty Inc. issued at par value 45,000 shares preferred 1% stock, $10 par for cash. On September 15, Washbum Realty Inc. issued for cash an additional 16,000 shares of no-par common stock (with a stated value of $5) for $22. Required: Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Instructions On May 23, Washburn Realty Inc. issued for cash 93,000 shares of no-par common stock (with a stated value $5) at $6. On July 6, Washburn Realty Inc. issued at par value 45,000 shares preferred 1% stock, $10 par for cash. On September 15, Washbum Realty Inc. issued for cash an additional 16,000 shares of no-par common stock (with a stated value of $5) for $22. Required: Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

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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Instructions On May 23, Washburn Realty Inc. issued for cash 93,000 shares of no-par common stock (with a stated value of $5) at $6. On July 6, Washburn Realty Inc. issued at par value 45,000 shares of preferred 1% stock, $10 par for cash. On September 15, Washburn Realty Inc. issued for cash an additional 16,000 shares of no-par common stock (with a stated value of S5) for $22. Required: Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent credit entry when a credit amount is entered.
Transcribed Image Text:Instructions On May 23, Washburn Realty Inc. issued for cash 93,000 shares of no-par common stock (with a stated value of $5) at $6. On July 6, Washburn Realty Inc. issued at par value 45,000 shares of preferred 1% stock, $10 par for cash. On September 15, Washburn Realty Inc. issued for cash an additional 16,000 shares of no-par common stock (with a stated value of S5) for $22. Required: Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent credit entry when a credit amount is entered.
Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY May 23 Cash 450,000.00 1 2
Transcribed Image Text:Journalize the entries to record the May 23, July 6, and September 15 transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY May 23 Cash 450,000.00 1 2
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