McNichols Corp. reports the following transactions relating to its stock accounts. Jan. 15 Issued 40,000 shares of $5 par value common stock at $17 cash per share. Jan, 20 Issued 9,000 shares of $50 par value, 8% preferred stock at $78 cash per share. Mar. 31 Purchased 4,500 shares of its own common stock at $20 cash per share. Jun. 25 Sold 3,000 shares of the treasury stock at $26 cash per share. Jul. 15 Sold the remaining 1,500 shares of treasury stock at $19 cash per share. a. Prepare the journal entries for these transactions. b. Post the journal entries to the related T-accounts. Prepare Journal Entries Post Journal Entries b. Post the journal entries to the related T-accounts,
McNichols Corp. reports the following transactions relating to its stock accounts. Jan. 15 Issued 40,000 shares of $5 par value common stock at $17 cash per share. Jan, 20 Issued 9,000 shares of $50 par value, 8% preferred stock at $78 cash per share. Mar. 31 Purchased 4,500 shares of its own common stock at $20 cash per share. Jun. 25 Sold 3,000 shares of the treasury stock at $26 cash per share. Jul. 15 Sold the remaining 1,500 shares of treasury stock at $19 cash per share. a. Prepare the journal entries for these transactions. b. Post the journal entries to the related T-accounts. Prepare Journal Entries Post Journal Entries b. Post the journal entries to the related T-accounts,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please provide answer in text (Without image)
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Transcribed Image Text:D-IN CAPITAL
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O
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CASH
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OOOO
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0
0
0
COMMON STOCK
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ADDITIONAL PAID-IN CAPITAL
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0
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PREFERRED STOCK
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TREASURY STOCK
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Transcribed Image Text:Analyzing and Identifying Financial Statement Effects of Stock Transactions
McNichols Corp. reports the following transactions relating to its stock accounts.
Jan. 15 Issued 40,000 shares of $5 par value common stock at $17 cash per share.
Jan, 20 Issued 9,000 shares of $50 par value, 8% preferred stock at $78 cash per share..
Mar. 31 Purchased 4,500 shares of its own common stock at $20 cash per share.
Jun. 25 Sold 3,000 shares of the treasury stock at $26 cash per share.
Jul. 15 Sold the remaining 1,500 shares of treasury stock at $19 cash per share.
a. Prepare the journal entries for these transactions.
b. Post the journal entries to the related T-accounts.
Prepare Journal Entries Post Journal Entries
b. Post the journal entries to the related T-accounts,
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