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Homework answers / question archive / Wildhorse Co

Wildhorse Co

Accounting

Wildhorse Co. had these transactions during the current period.

 

June 12Issued 80,000 shares of $1 par value common stock for cash of $300,000.July 11Issued 2,750 shares of $103 par value preferred stock for cash at $108 per share.Nov. 28Purchased 1,250 shares of treasury stock for $9,900.

 

Prepare the journal entries for the Wildhorse Co. transactions shown above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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Date Account Titles and Explanation Debit Credit
12-Jun Cash 300,000  
  Common Stock (80,000 shares*$1)   80,000
  Paid-in Capital in Excess of Par Value—Common Stock   220,000
       
       
11-Jul Cash (2,750 shares*$108) 297,000  
  Preferred Stock (2,750 shares*$103)   283,250
  Paid-in Capital in Excess of Par Value—Preferred Stock   13,750
       
       
Nov. 28 Treasury Stock 9,900  
  Cash   9,900

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