Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction and post the transactions to the provided ledger cards as you go along. a. On Jan 1, Jones Junkyard issued 5,000 shares of $4 par common stock for $22,000. b. On March 15, Jones Junkyard purchased 3,000 shares of their own stock on the open market for $10 cash per share. c. On July 10, Jones Junkyard re-issued 2,000 shares of treasury stock for $12 per share. d. On October 31, Jones Junkyard re-issued 1,000 shares of treasury stock for $9 per share. Journal entries (Hint: use the Account List - click to pop open to help you with your journal entries): Date Jan 1 Mar 15 July 10 Oct 31 Description Debit Credit
Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction and post the transactions to the provided ledger cards as you go along. a. On Jan 1, Jones Junkyard issued 5,000 shares of $4 par common stock for $22,000. b. On March 15, Jones Junkyard purchased 3,000 shares of their own stock on the open market for $10 cash per share. c. On July 10, Jones Junkyard re-issued 2,000 shares of treasury stock for $12 per share. d. On October 31, Jones Junkyard re-issued 1,000 shares of treasury stock for $9 per share. Journal entries (Hint: use the Account List - click to pop open to help you with your journal entries): Date Jan 1 Mar 15 July 10 Oct 31 Description Debit Credit
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 5EA: Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first...
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