Acct 220 Week 6 Homework Answers

ACCT 220 Week 6 Homework Answers

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ACCT 220 Week 6 Homework Answers

Week 6

* An accounting intern recently made the following entries.

May 2              Cash                            $140,000

Common Stock                        $140,000

(Issued 10,000 shares of common stock of $10 stated value at $12 per share.)

May 10            Cash                            $700,000

Preferred Stock                       $700,000

(Issued 10,000 shares of $50 par value preferred stock for $70 per share.)

May 15            Common Stock            $20,000

Cash                                        $20,000

(Purchased 1,000 shares of common stock for the treasury for $20 per share.)

May 31            Cash                            $12,500

Common Stock                        $10.000

Gain on Sale of Stock              $2,500

(Sold 500 shares of treasury stock at $25 per share.)

Based upon the explanation, make the correct entry for each of the above entries. No further explanation required.

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* Mary Me Not Corporation has $10 par value common stock is actively traded at a market price of $20 per share. Mary issues 5,000 shares to purchase land advertising for sale at $120,000.  Journalize the issuance of the stock in exchange for the land.

* On August 15, Joe Rainey Corporation purchases 500 shares of par value common stock for the treasury at a cash price of $10 per share. On November 19, it sells 300 shares of the treasury stock for $15 per share.  Journalize the two transactions.

* In and Out Retailers sell 2,000 shares of $200 par value preferred stock for $220 each. Journalize the...