The Clothing Cove has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $24 per share. February 6 Issues 1,900 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $29 per share. December 15 Resells 6,000 shares of treasury stock at $34 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet i No 1 2 Date January 02, 2024 Cash Common Stock February 06, 2024 Cash General Journal Preferred Stock Additional Paid-in Capital Debit 100,000 18,000 Credit 100,000 15,000 3,000 ********* ********

The Clothing Cove has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2024, its first year of operations: January 2 Issues 100,000 shares of common stock for $24 per share. February 6 Issues 1,900 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $29 per share. December 15 Resells 6,000 shares of treasury stock at $34 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet i No 1 2 Date January 02, 2024 Cash Common Stock February 06, 2024 Cash General Journal Preferred Stock Additional Paid-in Capital Debit 100,000 18,000 Credit 100,000 15,000 3,000 *

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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The Clothing Cove has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions
affect stockholders' equity during 2024, its first year of operations:
January 2 Issues 100,000 shares of common stock for $24 per share.
February 6 Issues 1,900 shares of 7% preferred stock for $13 per share.
September 10 Purchases 12,000 shares of its own common stock for $29 per share.
December 15 Resells 6,000 shares of treasury stock at $34 per share.
Required:
Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in
the first account field.)
View transaction list View journal entry worksheet
No
1
Date
January 02, 2024 Cash
Common Stock
February 06, 2024 Cash
General Journal
Preferred Stock
Additional Paid-in Capital
Debit
100,000
18,000
Credit
100,000
15,000
3,000
........
X

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