Wildhorse Restaurant Supply Company had the following transactions:1. Issued 5,100 shares of $100 par preferred stock at $107 per share for cash.2.Issued 8,100 shares of common stock with a par value of $10 per share for $121,500.3.Purchased 510 shares of treasury common stock for a total of $12,240.Prepare the journal entries to record the above stock transactions. (Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for theamount in the relevant debit OR credit box. Entering zero in ALL boxes will result in the question being marked incorrect. Listall debit entries before credit entries.)No. Account Titles and ExplanationDebitCredit1.CashPreferred StockPaid-in Capital in Excess of Par-Preferred Stock2.CashCommon StockPaid-in Capital in Excess of Par-Common Stock3.Treasury StockCash5467001215001224051000036700810004050012240

Transaction 1. When shares with a par value are sold, the proceeds will be debited to the cash…

Answered: Wildhorse Restaurant Supply Company had…

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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Blossom Company had these transactions during the current period. June 12 Issued 83,500 shares of $1 par value common stock for cash of $313,125. July 11 Issued 2,800 shares of $101 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 3,350 shares of treasury stock for $8,450. Prepare the journal entries for the Blossom 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 0 for the amounts.)
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