Bridgeport Corporation has a December 31 year end. On January 1, 2024, the company had the...

 

  

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Bridgeport Corporation has a December 31 year end. On January 1, 2024, the company had the following shareholders' equity accounts: Preferred shares, $3 non-cumulative, unlimited number authorized, 5,500 issued $1,402,500 Common shares, unlimited number authorized, 235,000 issued Retained earnings Bridgeport had the following transactions during 2024: Feb. 28 Issued 1,500 Preferred shares at $130 per share. Apr. 3 Reacquired 14,000 Common Shares at $20 a share. 5,170,000 2.865,000 Prepare the appropriate journal entries for the transactions during 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Feb. 28 Cash Preferred Shares Apr. 3 Common Shares Debit Credit 195000 Contributed Surplus 20000 Cash 300000 195000 280000 SUPPORT Bridgeport Corporation has a December 31 year end. On January 1, 2024, the company had the following shareholders' equity accounts: Preferred shares, $3 non-cumulative, unlimited number authorized, 5,500 issued $1,402,500 Common shares, unlimited number authorized, 235,000 issued Retained earnings Bridgeport had the following transactions during 2024: Feb. 28 Issued 1,500 Preferred shares at $130 per share. Apr. 3 Reacquired 14,000 Common Shares at $20 a share. 5,170,000 2.865,000 Prepare the appropriate journal entries for the transactions during 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles Feb. 28 Cash Preferred Shares Apr. 3 Common Shares Debit Credit 195000 Contributed Surplus 20000 Cash 300000 195000 280000 SUPPORT

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