Answered: Prepare the journal entries for the…

Prepare the journal entries for the Pharoah Company transactions shown above. (Record journa amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Pharoah Company had these transactions during the current period.
June 12
July 11
Nov. 28
Issued 81,500 shares of $1 par value common stock for cash of $305,625.
Issued 4,150 shares of $102 par value preferred stock for cash at $109 per share.
Purchased 3,050 shares of treasury stock for $9,800.
Prepare the journal entries for the Pharoah Company transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when
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.)

Date
Account Titles and Explanation
Debit
Credit

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