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Acct 220 Week 6 Homework

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ACCT 220 Week 6 Homework

ACCT 220 Week 6 Homework

Week 6
• 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                             $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.

Date Account Dr. Cr.

• 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.

• 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.

• In and Out Retailers sell 2,000 shares of $200 par value preferred stock for $220 each. Journalize the entry.


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