Attached is homework from ACCT 220 that I need assistance with. Please use the word document I provided, and not an excel sheet.
(1) An accounting intern recently made the following entries.
(Issued 10,000 shares of common stock of $10 stated value at $12 per share.)
(Purchased 1,000 shares of common stock for the treasury for $20 per share.)
(Issued 10,000 shares of $50 par value preferred stock for $70 per share.)
Gain on Sale of Stock
(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
(2) 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.
(3) 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.
(4) In and Out Retailers sell 2,000 shares of $200 par value preferred stock for $220 each.
Journalize the entry.
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