[accountinggirl96]

I’m traveling and have a question due! if anyone could help that would be great! Its an intermediate II class! all help is appreciated!

On January 2, Jones Corp received a charter granting the right to issue 10,000 shares of $75 par value, 4% cumulative and nonparticipating convertible preferred stock, and 60,000 shares of $10 par value common stock. Jones Corp uses the cost method to account for treasury shares.

Provide the journal entries for the following transactions:

1. 1/4: Issued 35,000 shares of common stock at $36 per share.
2. 2/28: Issued 3,800 shares of preferred stock in exchange for property with a fair value of $460,000.
3. 5/3: Issued 10,000 shares of common stock at $38 per share.
4. 8/1: Purchased 15,000 shares of common stock at $28 per share.
5. 10/25: Sold 9,500 treasury shares at $26 per share.
6. 12/31: Declared a $.60 per share cash dividend on the common stock and declared the preferred dividend.
7. 12/31: Closed Income Summary. Net income for the year was $186,500.

-----aspiring public accountant!