Journalize the following assumed transactions of Ambient Productions Feb 22 Issued 1,800 shares of $1 75 par common stock at $5 per share Jun 25 Purchased 400 shares of treasury stock at $14 per share Jul 9 Sold 300 shares of treasury stock at $22 per share What was the overall effect of these tran...

Journal DATE ACCOUNT TITLES AND EXPLANATION DEBIT CREDIT Feb 22 Cash 1800 5 9000 Common Sto ...

Journalize the following assumed transactions of Ambient Productions: Feb 22 Issued 1,800 shares of $1.75 par common

Question:

Journalize the following assumed transactions of Ambient Productions:
Feb 22 Issued 1,800 shares of $1.75 par at $5 per share.
Jun 25 Purchased 400 shares of treasury stock at $14 per share.
Jul 9 Sold 300 shares of treasury stock at $22 per share.

What was the overall effect of these transactions on Ambient’s stockholders’ equity?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...