Journalize the following

Feb 20th, 2015
Business Finance
Price: $5 USD

Question description

(1)  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 $14 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.





Tutor Answer

(Top Tutor) Anjum H
School: UT Austin

Studypool has helped 1,244,100 students

Review from student
" Thanks, good work "
Ask your homework questions. Receive quality answers!

Type your question here (or upload an image)

1820 tutors are online

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors