e12-2, e12-8, e12-10

e12-2, e12-8, e12-10 - Financial Accounting 5th Edition by...

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ACc363 Prepared by Mary Dudley 1 Mar 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company incorporate. Jun 12 Issued 60,000 shares of $1 par value common stock for cash of $375,000 Jul 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share. Nov 28 Purchased 2,000 shares of treasury stock for $80,000 Instructions: Journalize the transactions. Mar 2 Organizational Expense 30,000 Common Stock ( 5,000 shares * $1) 5,000 Paid-in Capital in excess of par value ($30,000 - $5,000 = 25,000) 25,000 (To record issuance of 5,000 shares of $1 par value common stock to attorneys) Jun 12 Cash 375,000 Common Stock (60,000 shares x $1) 60,000 Paid-in Capital in excess of par value ($375,000 - $60,000 = $315,000) 315,000 (To record issuance of 60,000 shares of $1 par value common stock) Jul 11 Cash 110,000 Preferred Stock (1,000 shares x $100) 100,000 Paid-in Capital in excess of par value preferred stock (110,000-100,000) 10,000 (To record issuance of 1,000 shares of $100 par value preferred stock) Nov 28 Treasury Stock 80,000 Cash 80,000 (To record purchase of 2,000 shares of Treasury stock at $40 per share) Financial Accounting, 5th
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This note was uploaded on 07/12/2008 for the course ACC 363 taught by Professor Rossi during the Spring '08 term at University of Phoenix.

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e12-2, e12-8, e12-10 - Financial Accounting 5th Edition by...

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