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. Note: You will not be posting the complete entries -- post to only the accounts listed in the ledger cards. a. On Jan 1, Jones Junkyard issued 6,000 shares of $4 par common stock for $27,000. 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 2,500 shares of treasury stock for $13 per share. d. On October 31, Jones Junkyard re-issued 500 shares of treasury stock for $8 per share. Journal entries: Date Jan 1 Mar 15 July 10 Oct 31 Description Debit 000000 Credit L
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. Note: You will not be posting the complete entries -- post to only the accounts listed in the ledger cards. a. On Jan 1, Jones Junkyard issued 6,000 shares of $4 par common stock for $27,000. 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 2,500 shares of treasury stock for $13 per share. d. On October 31, Jones Junkyard re-issued 500 shares of treasury stock for $8 per share. Journal entries: Date Jan 1 Mar 15 July 10 Oct 31 Description Debit 000000 Credit L
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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. Note: You will not be posting the complete entries -- post to only the
accounts listed in the ledger cards.
a. On Jan 1, Jones Junkyard issued 6,000 shares of $4 par common stock for
$27,000.
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 2,500 shares of treasury stock for $13 per
share.
d. On October 31, Jones Junkyard re-issued 500 shares of treasury stock for $8 per
share.
Journal entries:
Date
Jan
1
Mar
15
July
10
Oct
31
Description
Debit
Credit
Transcribed Image Text:Ledger cards:
Date
Beg. Bal.
Treasury Stock, Common
Debits
Credits
Paid in Capital, Treasury Stock
Debits
Credits
Date
Beg. Bal.
Balance
Balance
0
0
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