pass the journal entries Aban, Inc. was incorporated on January 1, 20X1 with 100,000 shares authorized by

pass the journal entries

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Aban, Inc. was incorporated on January 1, 20X1 with 100,000 shares authorized by the state. The following events apply to the company's first year of operations. No. Transaction 1 Issued for cash 6,000 shares of $10 par value common stock at a market price of $25 per share. 2 Earned $45,000 cash revenue from services provided. 3 Incurred $25,000 of salaries expense, not yet paid. 4 Declared a $3,000 cash dividend. 5 Re-purchased 1,000 shares of $10 par stock at a price of $30 per share. The stock was originally sold at $25 per share in event #1. 6 Paid $2,000 cash dividends. 7 Re-issued 700 shares of the treasury stock at a price of $32 per share. Aban, Inc. was incorporated on January 1, 20X1 with 100,000 shares authorized by the state. The following events apply to the company's first year of operations. No. Transaction 1 Issued for cash 6,000 shares of $10 par value common stock at a market price of $25 per share. 2 Earned $45,000 cash revenue from services provided. 3 Incurred $25,000 of salaries expense, not yet paid. 4 Declared a $3,000 cash dividend. 5 Re-purchased 1,000 shares of $10 par stock at a price of $30 per share. The stock was originally sold at $25 per share in event #1. 6 Paid $2,000 cash dividends. 7 Re-issued 700 shares of the treasury stock at a price of $32 per share.

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Journal Entries 1 Cash 25000 x 6000 150000 Common Stock 10 x 6000 60... View the full answer