Issuing and Repurchasing Stock Redbird, Inc., had the following transactions related to its common and preferred stock: March 22 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. Repurchased 3,040 shares of the common stock at $20 per share. November 9 Required: Prepare the journal entries for these transactions. If an amount box does not require an entry, leave it blank. Mar. 22 Nov. 9 00 00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Issuing and Repurchasing Stock
Redbird, Inc., had the following transactions related to its common and preferred stock:
March 22
Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000
shares of $10 par preferred stock at $14 per share.
Repurchased 3,040 shares of the common stock at $20 per share.
November 9
Required:
Prepare the journal entries for these transactions. If an amount box does not require an entry, leave it blank.
Mar. 22
Nov. 9
00
00
Transcribed Image Text:Issuing and Repurchasing Stock Redbird, Inc., had the following transactions related to its common and preferred stock: March 22 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. Repurchased 3,040 shares of the common stock at $20 per share. November 9 Required: Prepare the journal entries for these transactions. If an amount box does not require an entry, leave it blank. Mar. 22 Nov. 9 00 00
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