Prepare entries to record the following:
(a)Issued 1,000 shares of $10 par common stock at $56 for cash.
(b)Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000.
(c)Purchased 100 shares of treasury stock at $25.
(d)Sold the 100 shares of treasury stock purchased in
(c) at $30.

Question

Prepare entries to record the following:
(a)Issued 1,000 shares of $10 par common stock at $56 for cash.
(b)Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000.
(c)Purchased 100 shares of treasury stock at $25.
(d)Sold the 100 shares of treasury stock purchased in 
(c) at $30.

Quizplus · Accepted Answer

The Answer of Prepare entries to record the following:
(a)Issued 1,000 shares of $10 par common stock at $56 for cash.
(b)Issued 1,400 shares of $10 par common stock in exchange for equipment with a fair market price of $21,000.
(c)Purchased 100 shares of treasury stock at $25.
(d)Sold the 100 shares of treasury stock purchased in 
(c) at $30.

Prepare Entries to Record the Following