[The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $16 par value, 12,000 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,300 shares of common stock for cash at $32 per share. b. Sold 2,700 shares of common stock for cash at $37 per share. c. At year-end, the company reported net income of $7,600. No dividends were declared. E11-5 Part 1 Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). 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 Sold 6,300 shares of common stock for cash at $32 per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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E11-5 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy LO11-1, 11-3, 11-4, 11-7
[The following information applies to the questions displayed below.]
Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the
following stock: common stock, $16 par value, 12,000 shares authorized. During the year, the following selected
transactions were completed:
a. Sold 6,300 shares of common stock for cash at $32 per share.
b. Sold 2,700 shares of common stock for cash at $37 per share.
c. At year-end, the company reported net income of $7,600. No dividends were declared.
E11-5 Part 1
Required:
1. Prepare the journal entries required to record the sale of common stock in (a) and (b).
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
Sold 6,300 shares of common stock for cash at $32 per share.
2
Note: Enter debits before credits.
Transaction
a.
General Journal
Debit
Credit
Transcribed Image Text:E11-5 (Algo) Reporting Stockholders' Equity and Determining Dividend Policy LO11-1, 11-3, 11-4, 11-7 [The following information applies to the questions displayed below.] Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $16 par value, 12,000 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,300 shares of common stock for cash at $32 per share. b. Sold 2,700 shares of common stock for cash at $37 per share. c. At year-end, the company reported net income of $7,600. No dividends were declared. E11-5 Part 1 Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). 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 Sold 6,300 shares of common stock for cash at $32 per share. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit
Required:
1. Prepare the journal entries required to record the sale of common stock in (a) and (b).
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
Sold 2,700 shares of common stock for cash at $37 per share.
Note: Enter debits before credits.
Transaction
b.
General Journal
Debit
Credit
>
Transcribed Image Text:Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). 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 Sold 2,700 shares of common stock for cash at $37 per share. Note: Enter debits before credits. Transaction b. General Journal Debit Credit >
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