Question Description

I’m trying to learn for my Accounting class and I’m stuck. Can you help?

The final section of the balance sheet is Stockholders’ Equity. This section included Capital Stock (preferred and common), additional paid-in capital, retained earnings, less: Treasury Stock.

Let’s practice some journal entries:

1) Prepare the journal entry to record the issuance of 1,000 shares of $2.00 par value common stock for $10.00 per share.

2) Prepare the journal entry to record the receipt of inventory with a market value of $20,000 in exchange for issuing 3,000 shares of $1.00 par value common stock.

3) Prepare the journal entry to record the purchase of 100,000 shares of treasury stock for $500,000.

4) Prepare the journal entry to record the sale of 10,000 shares of treasury stock for $75,000. The treasury stock was purchased for $5.00 per share.

5) Prepare the journal entry to record the declaration of cash dividends of $80,000.

6) Prepare the journal entry to record the payment of cash dividends of $80,000.

Do you have a similar assignment and would want someone to complete it for you? Click on the ORDER NOW option to get instant services at essayloop.com

Do you have a similar assignment and would want someone to complete it for you? Click on the ORDER NOW option to get instant services at essayloop.com. We assure you of a well written and plagiarism free papers delivered within your specified deadline.