The Clothing Cove has two classes of stock authorized: $7\%,$ $$10$ par preferred, and $$1$ par value common. The following transactions affect stockholders' equity during $2024,$ its first year of operations:

January $2$

Issues $100,000$ shares of common stock for $$15$ per share.

February $6$

Issues $1,000$ shares of $7\%$ preferred stock for $$13$ per share.

September $10$ Purchases $12,000$ shares of its own common stock for $$20$ per share.

December $15$

Resells $6,000$ shares of treasury stock at $$25$ per share.

Required:

Record each of these transactions. $($If no entry is required for a particular transacttion$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

Answer rating: 100% (QA)

Here are the journal entries for each of the transactions 1 January 2 Issued 100000 shares of ... View the full answer