Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common...

 

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Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock. $5 par value. During the first year, the company earned $360,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $51 cash per share. b. Reacquired 21,000 shares at $46 cash per share. c. Reissued 8,000 shares from treasury for $47 per share. d. Reissued 8,000 shares from treasury for $45 per share. 3 k ces Journal entry worksheet 2 Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $51 per share. Transaction Note: Enter debits before credits. a 3 Record entry General Journal Clear entry Debit Credit View general journal > Journal entry worksheet < 1 2 3 Record the purchase of 21,000 shares of previously issued common stock for a price of $46 per share. Note: Enter debits before credits. Transaction b Record entry 4 General Journal Clear entry Debit 4 Credit View general journal Journal entry worksheet < 1 2 3 Record the re-issuance of 8,000 shares of treasury stock previously purchased for a price of $46 per share and sold for $47 per share. Note: Enter debits before credits. Transaction С Record entry General Journal Clear entry Debit Credit View general journal Journal entry worksheet < 1 2 3 Record the re-issuance of 8,000 shares of treasury stock previously purchased for $46 per share and sold for $45 per share. Note: Enter debits before credits. Transaction d Record entry General Journal Clear entry Debit Credit View general journal Global Marine obtained a charter from the state in January that authorized 1,000,000 shares of common stock. $5 par value. During the first year, the company earned $360,000 of net income and declared no dividends; the following selected transactions occurred in the order given: a. Issued 120,000 shares of the common stock at $51 cash per share. b. Reacquired 21,000 shares at $46 cash per share. c. Reissued 8,000 shares from treasury for $47 per share. d. Reissued 8,000 shares from treasury for $45 per share. 3 k ces Journal entry worksheet 2 Record the issuance of 120,000 shares of common stock with a $5 par value for a price of $51 per share. Transaction Note: Enter debits before credits. a 3 Record entry General Journal Clear entry Debit Credit View general journal > Journal entry worksheet < 1 2 3 Record the purchase of 21,000 shares of previously issued common stock for a price of $46 per share. Note: Enter debits before credits. Transaction b Record entry 4 General Journal Clear entry Debit 4 Credit View general journal Journal entry worksheet < 1 2 3 Record the re-issuance of 8,000 shares of treasury stock previously purchased for a price of $46 per share and sold for $47 per share. Note: Enter debits before credits. Transaction С Record entry General Journal Clear entry Debit Credit View general journal Journal entry worksheet < 1 2 3 Record the re-issuance of 8,000 shares of treasury stock previously purchased for $46 per share and sold for $45 per share. Note: Enter debits before credits. Transaction d Record entry General Journal Clear entry Debit Credit View general journal

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Based on the information provided here are the journal entries for the transactions a Issued 120000 ... View the full answer