Required information [The following information applies to the questions displayed below.) Tarrant Corporation was organized this...

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Required information [The following information applies to the questions displayed below.) Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $16 par value, 12,000 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,300 shares of common stock for cash at $32 per share. b. Sold 1,600 shares of common stock for cash at $37 per share. C. At year-end, the accounts reflected income of $7,500. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Sold 6,300 shares of common stock for cash at $32 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet 2 Sold 1,600 shares of common stock for cash at $37 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal Required information [The following information applies to the questions displayed below.) Tarrant Corporation was organized this year to operate a financial consulting business. The charter authorized the following stock: common stock, $16 par value, 12,000 shares authorized. During the year, the following selected transactions were completed: a. Sold 6,300 shares of common stock for cash at $32 per share. b. Sold 1,600 shares of common stock for cash at $37 per share. C. At year-end, the accounts reflected income of $7,500. No dividends were declared. Required: 1. Prepare the journal entries required to record the sale of common stock in (a) and (b). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Sold 6,300 shares of common stock for cash at $32 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal Journal entry worksheet 2 Sold 1,600 shares of common stock for cash at $37 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit b. Record entry Clear entry View general journal

Answer rating: 100% (QA)

Requirement 1 Transaction General Journal Debit Credit a Cash 6... View the full answer