Question

Finishing Touches has two classes of stock authorized: 6%, $100 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2015, its first year of operations:
January 2 Issues 100,000 shares of common stock for $15 per share.
February 6 Issues 200 shares of 6% preferred stock for $120 per share.
September 10 Purchases 10,000 shares of its own common stock for $18 per share.
December 15 Reissues 5,000 shares of treasury stock at $20 per share.

Required:
Record each of these transactions.



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  • CreatedJuly 15, 2014
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