70.2K
Verified Solution
Link Copied!
Issuing and Repurchasing Stock
Redbird, Inc., had the following transactions related to its common and preferred stock:
| March 22 | | Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par preferred stock at $14 per share. |
| November 9 | | Repurchased 3,080 shares of the common stock at $20 per share. |
Required:
Prepare the journal entries for these transactions. If an amount box does not require an entry, leave it blank.
| Mar. 22 | Accounts PayableAdditional Paid-In Capital-Common StockCashPreferred StockTreasury StockCash | | |
| | Accounts ReceivableCashCommon StockRetained EarningsTreasury StockCommon Stock | | |
| | Accounts PayableAdditional Paid-In Capital-Common StockAdditional Paid-In Capital-Treasury StockCashRetained EarningsAdditional Paid-In Capital-Common Stock | | |
| | Accounts PayableAccounts ReceivableCashPreferred StockRetained EarningsPreferred Stock | | |
| | Accounts PayableAccounts ReceivableAdditional Paid-In Capital-Preferred StockCashRetained EarningsAdditional Paid-In Capital-Preferred Stock | | |
| Nov. 9 | Accounts PayableAccounts ReceivableCashPreferred StockTreasury StockTreasury Stock | | |
| | Accounts PayableAccounts ReceivableCashRetained EarningsTreasury StockCash | | |
Answer & Explanation
Solved by verified expert
