Question

Irons Incorporated entered into the following stock transactions:
Apr. 5 Issued 30,000 shares of $3 par value common stock for $180,000.
May 31 Purchased 1,000 shares of treasury stock for $50,000.
Oct. 1 Issued 3,000 shares of $40 par value preferred stock for $65 per share.
Required
Prepare the journal entries to record the transactions. Use the cost method to account for the purchase of treasury stock.


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  • CreatedJuly 16, 2015
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