Analyzing and Identifying Financial Statement Effects of Stock Transactions
McNichols Corp. reports the following transactions relating to its stock accounts.
Jan. Issued shares of $ par value common stock at $ cash per share. Jan. Issued shares of $ par value, preferred stock at $ cash per share. Mar. Purchased shares of its own common stock at $ cash per share. Jun. Sold shares of the treasury stock at $ cash per share. Jul. Sold the remaining shares of treasury stock at $ cash per share.
a Prepare the journal entries for these transactions.
b Post the journal entries to the related Taccounts.
Prepare Journal Entries
Post Journal Entries
a Prepare the journal entries for these transactions.
tableDateAccount,Debit,CreditJanTo record common stock issuance.,,JanTo record preferred stock issuance.,,MarTo record purchase of treasury stock.,,JunJulTo record sale of treasury stock.,,
