Preferred stock: 10 percent, $14 par value, 40,000 shares authorized Common stock: $9 par value, 85,100 shares authorized During the current year, the following transactions occurred in the order given: a. Sold 23,800 shares of common stock for $13 per share. b. Sold 7,300 shares of the preferred stock for $24 per share. c. Sold 1,800 shares of the preferred stock for $24 per share and 1,700 shares of common stock for $14 per share. Required: Provide the journal entries required to record each of the transactions in (a) through (c). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Issued 23,800 shares of common stock for $13 per share. Transaction Note: Enter debits before credits. a. 3 Record entry General Journal Clear entry Debit Credit View general journal
Preferred stock: 10 percent, $14 par value, 40,000 shares authorized Common stock: $9 par value, 85,100 shares authorized During the current year, the following transactions occurred in the order given: a. Sold 23,800 shares of common stock for $13 per share. b. Sold 7,300 shares of the preferred stock for $24 per share. c. Sold 1,800 shares of the preferred stock for $24 per share and 1,700 shares of common stock for $14 per share. Required: Provide the journal entries required to record each of the transactions in (a) through (c). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Issued 23,800 shares of common stock for $13 per share. Transaction Note: Enter debits before credits. a. 3 Record entry General Journal Clear entry Debit Credit View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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![Preferred stock: 10 percent, $14 par value, 40,000 shares authorized
Common stock: $9 par value, 85,100 shares authorized
During the current year, the following transactions occurred in the order given:
a. Sold 23,800 shares of common stock for $13 per share.
b. Sold 7,300 shares of the preferred stock for $24 per share.
c. Sold 1,800 shares of the preferred stock for $24 per share and 1,700 shares of common stock for $14 per share.
Required:
Provide the journal entries required to record each of the transactions in (a) through (c).
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
<
1
2
Issued 23,800 shares of common stock for $13 per share.
Transaction
Note: Enter debits before credits.
a.
3
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
< Prev
5 of 8
F
m
Next >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fffeab42b-2611-4f6d-a463-b36bc3e95a21%2F93d1c623-787c-413e-898f-5ca83619b396%2F4vkh36e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Preferred stock: 10 percent, $14 par value, 40,000 shares authorized
Common stock: $9 par value, 85,100 shares authorized
During the current year, the following transactions occurred in the order given:
a. Sold 23,800 shares of common stock for $13 per share.
b. Sold 7,300 shares of the preferred stock for $24 per share.
c. Sold 1,800 shares of the preferred stock for $24 per share and 1,700 shares of common stock for $14 per share.
Required:
Provide the journal entries required to record each of the transactions in (a) through (c).
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
<
1
2
Issued 23,800 shares of common stock for $13 per share.
Transaction
Note: Enter debits before credits.
a.
3
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
< Prev
5 of 8
F
m
Next >
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