Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following transactions occurred during the last half of the year. All stock was issued/sold for cash. Bought 90,000 shares of treasury common stock for $9 per share. Sold 60,000 shares of treasury common for $12.50 per share. Issued 5,000 shares of preferred 4% stock at $100 per share. Issued 500,000 shares of common stock at $15 per share. Sold 12,000 shares of treasury common stock for $8 per share. Declared cash dividends of $1.80 per share on preferred stock and $.06 per share on common stock. Jun. 12 Jul. 7 Aug. 19 Oct. 5 Oct. 31 Dec. 31 Instructions: Journalize the above journal entries.

The following transactions occurred during the last half of the year. All stock was issued/sold for cash. Bought 90,000 shares of treasury common stock for $9 per share. Sold 60,000 shares of treasury common for $12.50 per share. Issued 5,000 shares of preferred 4% stock at $100 per share. Issued 500,000 shares of common stock at $15 per share. Sold 12,000 shares of treasury common stock for $8 per share. Declared cash dividends of $1.80 per share on preferred stock and $.06 per share on common stock. Jun. 12 Jul. 7 Aug. 19 Oct. 5 Oct. 31 Dec. 31 Instructions: Journalize the above journal entries.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please do not give solution in image format thanku 

Listed below are selected accounts and their balances at the beginning of the fiscal year for Lucy Corporation. Lucy Corporation produces medical beds for use in hospitals. Preferred 4% Stock, $90 par, (100,000 shares authorized, 85,000 issued) Paid-In Capital in Excess of Par - Preferred Stock Common Stock, $8 par (4,000,000 shares authorized, 2,000,000 issued) Paid-In Capital in Excess of Par - Common Stock Retained Earnings 7,650,000 425,000 Instructions: Journalize the above journal entries. 16,000,000 1,500,000 63,280,000 The following transactions occurred during the last half of the year. All stock was issued/sold for cash. Jun. 12 Jul. 7 Aug. 19 Bought 90,000 shares of treasury common stock for $9 per share. Sold 60,000 shares of treasury common for $12.50 per share. Issued 5,000 shares of preferred 4% stock at $100 per share. Issued 500,000 shares of common stock at $15 per share. Oct. 5 Oct. 31 Sold 12,000 shares of treasury common stock for $8 per share. Dec. 31 Declared cash dividends of $1.80 per share on preferred stock and $.06 per share on common stock.
Transcribed Image Text:Listed below are selected accounts and their balances at the beginning of the fiscal year for Lucy Corporation. Lucy Corporation produces medical beds for use in hospitals. Preferred 4% Stock, $90 par, (100,000 shares authorized, 85,000 issued) Paid-In Capital in Excess of Par - Preferred Stock Common Stock, $8 par (4,000,000 shares authorized, 2,000,000 issued) Paid-In Capital in Excess of Par - Common Stock Retained Earnings 7,650,000 425,000 Instructions: Journalize the above journal entries. 16,000,000 1,500,000 63,280,000 The following transactions occurred during the last half of the year. All stock was issued/sold for cash. Jun. 12 Jul. 7 Aug. 19 Bought 90,000 shares of treasury common stock for $9 per share. Sold 60,000 shares of treasury common for $12.50 per share. Issued 5,000 shares of preferred 4% stock at $100 per share. Issued 500,000 shares of common stock at $15 per share. Oct. 5 Oct. 31 Sold 12,000 shares of treasury common stock for $8 per share. Dec. 31 Declared cash dividends of $1.80 per share on preferred stock and $.06 per share on common stock.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS