FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1:32 Chapter+14_Rosemary+Inc_72222 Stock Transactions The following events occurred in 2021 for Rosemary Inc. Nov. 1 Submitted articles of incorporation to the state government. Nov. 15 Application approved by state. The corporate charter authorizes 50,000, $10 12% preferred stock and 1,000,000 shares of $0.50 par value common stock. Nov. 18 Issue 20,000 shares of common stock at $0.50 per share. Issue 30,000 shares of common stock at $2 per share. Nov. 25 Dec. 1 Repurchased 15,000 shares of common stock when the market price was $1 per share. Dec. 5 Dec. 25 Done Resold 4,000 shares of the reacquired stock when the market price was $1.50 per share. Resold 5,000 shares of the reacquired stock when the market price was $0.25 per share. Requirements 1.) Prepare the journal entries to record the events in November and December. Date Accounts & Explanations Debit Credit
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Transcribed Image Text:1:32 Chapter+14_Rosemary+Inc_72222 Stock Transactions The following events occurred in 2021 for Rosemary Inc. Nov. 1 Submitted articles of incorporation to the state government. Nov. 15 Application approved by state. The corporate charter authorizes 50,000, $10 12% preferred stock and 1,000,000 shares of $0.50 par value common stock. Nov. 18 Issue 20,000 shares of common stock at $0.50 per share. Issue 30,000 shares of common stock at $2 per share. Nov. 25 Dec. 1 Repurchased 15,000 shares of common stock when the market price was $1 per share. Dec. 5 Dec. 25 Done Resold 4,000 shares of the reacquired stock when the market price was $1.50 per share. Resold 5,000 shares of the reacquired stock when the market price was $0.25 per share. Requirements 1.) Prepare the journal entries to record the events in November and December. Date Accounts & Explanations Debit Credit
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