Journalize the following
(1) ; An accounting intern recently made the following entries.
May 2 ; Cash ; $140,000
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; ; ; ; ; ; ; ; ; Common Stock ; $140,000
; (Issued 10,000 shares of common stock of $10 stated value at $14 per share.)
May 10 ; Cash ; $700,000
; ; ; ; ; ; ; ; ; ; ; Preferred Stock ; $700,000
; (Issued 10,000 shares of $50 par value preferred stock for $70 per share.)
May 15 ; Common Stock ; $20,000
; ; ; ; ; ; ; ; ; ; ; ;Cash ; $20,000
; (Purchased 1,000 shares of common stock for the treasury for $20 per share.)
May 31 ; Cash ; $12,500
; ; ; ; ; ; ; ; ;Common Stock ; $10.000
; ; ; ; ; ; ; ; ;Gain on Sale of Stock ; $2,500
; (Sold 500 shares of treasury stock at $25 per share.) ;
Based upon the explanation, make the correct entry for each of the above entries. No further explanation required.
Date |
Account |
Dr. |
Cr. |