Prepare journal entries for the following transactions.
a) Issued 6,000 shares of $25 par value preferred stock at $40 per share.
b) Issued 40,000 shares of common stock with a $10 stated value for cash of $18 per share.
c) Purchased 400 shares of treasury stock (common stock) at $20 per share.
d) Resold 100 shares of the treasury stock at $24 per share.

Question

Quizplus · Accepted Answer

The Answer of Prepare journal entries for the following transactions.
a) Issued 6,000 shares of $25 par value preferred stock at $40 per share.
b) Issued 40,000 shares of common stock with a $10 stated value for cash of $18 per share.
c) Purchased 400 shares of treasury stock (common stock) at $20 per share.
d) Resold 100 shares of the treasury stock at $24 per share.

Prepare Journal Entries for the Following Transactions