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(Solved) Attached is homework from ACCT 220 that I need assistance with.


Attached is homework from ACCT 220 that I need assistance with.  Please use the word document I provided, and not an excel sheet.


Name:

 

Homework

 

Week 6

 

(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 $12 per share.)

 


 

May 10

 


 

Cash

 


 

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

 


 

$700,000

 

Preferred Stock

 

$700,000

 

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

 


 

$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.

 

Date

 


 

Account

 


 

Dr.

 


 

Cr.

 


 

(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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