jconner73
Jan 25, 2010, 07:56 PM
Prepare journal entries to record each transaction:
Jan 12 Issued 5,000 shares of $1 par common stock for $50,000 cash.
Feb 3 Purchased 3,000 shares of $1 par common stock into treasury for $27,000 cash.
Mar 4 Reissued 2,000 shares of treasury stock for $20,000 cash.
Aug 5 Reissued 600 shares of treasury stock for $5,400 cash.
Sept 15 Declared (but did not pay) a $2 cash dividend on each outstanding share of common stock.
Jan 12 Issued 5,000 shares of $1 par common stock for $50,000 cash.
Feb 3 Purchased 3,000 shares of $1 par common stock into treasury for $27,000 cash.
Mar 4 Reissued 2,000 shares of treasury stock for $20,000 cash.
Aug 5 Reissued 600 shares of treasury stock for $5,400 cash.
Sept 15 Declared (but did not pay) a $2 cash dividend on each outstanding share of common stock.