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Wildhorse Co
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.)
Expert Solution
| 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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