On January 1, 2021, Dreamy Company issued 30,000 shares of $2 par value common stock for $150,000. On March 1, 2021, the company purchased 6,000 shares of its common stock for $7 per share for the treasury. On June 1, 2021, 1,500 of the treasury shares are sold for $10 per share. On September 1, 2021, 3,000 treasury shares are sold at $5 per share.Journalize the stock transactions of Dreamy Company in 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) DateAccount Titles and ExplanationDebitCredit On January 1, 2021, Dreamy Company issued 30,000 shares of $2 par value common stock for $150,000. On March 1, 2021, the company purchased 6,000 shares of its common stock for $7 per share for the treasury. On June 1, 2021, 1,500 of the treasury shares are sold for $10 per share. On September 1, 2021, 3,000 treasury shares are sold at $5 pershare.Journalize the stock transactions of Dreamy Company in 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

The journal entries are prepared to keep the record of day to day transactions of the business on…

Answered: On January 1, 2021, Dreamy Company…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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On January 1, 2021, Dreamy Company issued 30,000 shares of $2 par value common stock for $150,000. On March 1, 2021, the company purchased 6,000 shares of its common stock for $7 per share for the treasury. On June 1, 2021, 1,500 of the treasury shares are sold for $10 per share. On September 1, 2021, 3,000 treasury shares are sold at $5 per share.

Journalize the stock transactions of Dreamy Company in 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date
Account Titles and Explanation
Debit
Credit

Transcribed Image Text:On January 1, 2021, Dreamy Company issued 30,000 shares of $2 par value common stock for $150,000. On March 1, 2021, the company purchased 6,000 shares of its common stock for $7 per share for the treasury. On June 1, 2021, 1,500 of the treasury shares are sold for $10 per share. On September 1, 2021, 3,000 treasury shares are sold at $5 per share. Journalize the stock transactions of Dreamy Company in 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)

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