Ask Question
4 February, 17:52

Oriole Company had these transactions during the current period. June 12 Issued 80,500 shares of $1 par value common stock for cash of $301,875. July 11 Issued 4,050 shares of $100 par value preferred stock for cash at $106 per share. Nov. 28 Purchased 1,350 shares of treasury stock for $8,550.

+5
Answers (1)
  1. 4 February, 17:58
    0
    June 12

    Dr Cash $301,875

    Cr Common Stock $80,500

    Cr Paid-in Capital in Excess of Stated Value-Common Stock $221,375

    July 11

    Dr Cash $429,300

    Cr Preferred Stock $405,000

    Cr Paid-in Capital in Excess of Par Value-Preferred Stock $24,300

    Nov. 28

    Dr Treasury Stock 8,550

    Cash 8,550

    Explanation:

    Oriole Company

    Journal entries

    June 12

    Dr Cash $301,875

    Cr Common Stock (80,500*$1) $80,500

    Cr Paid-in Capital in Excess of Stated Value-Common Stock $221,375

    July 11

    Dr Cash (4,050*$106) $429,300

    Cr Preferred Stock (4,050*100) $405,000

    Cr Paid-in Capital in Excess of Par Value-Preferred Stock [4,050 * ($106-$100) $6] $24,300

    Nov. 28

    Dr Treasury Stock 8,550

    Cr Cash 8,550
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Oriole Company had these transactions during the current period. June 12 Issued 80,500 shares of $1 par value common stock for cash of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers