Prepare entries to record the following:
(a)Issued 1,000 shares of $15 par common stock at $54 for cash.
(b)Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000.
(c)Purchased 100 shares of treasury stock at $26.
(d)Sold 100 shares of treasury stock purchased in
(c) at $29.

Question

Prepare entries to record the following:
(a)Issued 1,000 shares of $15 par common stock at $54 for cash.
(b)Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000.
(c)Purchased 100 shares of treasury stock at $26.
(d)Sold 100 shares of treasury stock purchased in 
(c) at $29.

Quizplus · Accepted Answer

The Answer of Prepare entries to record the following:
(a)Issued 1,000 shares of $15 par common stock at $54 for cash.
(b)Issued 1,400 shares of no-par common stock in exchange for equipment with a fair market price of $24,000.
(c)Purchased 100 shares of treasury stock at $26.
(d)Sold 100 shares of treasury stock purchased in 
(c) at $29.

Prepare Entries to Record the Following