Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Jan. 3 Issued 61,000 shares at $10 per share. Jun. 15 Issued 4,700 shares in exchange for office equipment with a clearly determined value of $45,000. Aug. 16 Purchased 3,000 shares of treasury stock at $22 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 3 Cash
Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions: Jan. 3 Issued 61,000 shares at $10 per share. Jun. 15 Issued 4,700 shares in exchange for office equipment with a clearly determined value of $45,000. Aug. 16 Purchased 3,000 shares of treasury stock at $22 per share. Prepare the journal entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 3 Cash
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions:
| Jan. 3 | Issued 61,000 shares at $10 per share. |
| Jun. 15 | Issued 4,700 shares in exchange for office equipment with a clearly determined value of $45,000. |
| Aug. 16 | Purchased 3,000 shares of |
Prepare the
| Jan. 3 |
|
Cash | Cash |
|
|
Common Stock | Common Stock | |
|
|
Additional Paid-in Capital from Common Stock | Additional Paid-in Capital from Common Stock | |
| Jun. 15 |
|
Office Equipment | Office Equipment |
|
|
Common Stock | Common Stock | |
|
|
Additional Paid-in Capital from Common Stock | Additional Paid-in Capital from Common Stock | |
| Aug. 16 |
|
Treasury Stock | Treasury Stock |
|
|
Cash |
Cash
|
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