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Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value...

Question:

Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transact

Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $34 per share. February 6 Issues 2,900 shares of 8% preferred stock for $12 per share. September 10 Purchases 10,000 shares of its own common stock for $39 per share. December 15 Resells 5,000 shares of treasury stock at $44 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) X Answer is not complete. No Debit Credit 1 3,400,000 Date General Journal January 02, 2021 Cash Additional Paid-in Capital Common Stock 3,300,000 100,000 34,800 February 06, 2021 Cash Preferred Stock Additional Paid-in Capital 37,700 3,100 x 3 September 10, 202 Treasury Stock 39,000 Cash 39,000 X

Answers

no. date account debit credit
1 January 02, 2021 cash 3,400,000
additional paid-in capital 3,300,000
common stock 100,000
2 February 06, 2021 cash 34,800
preferred stock 29,000
additional paid-in capital 5,800
3 September 10, 2021 treasury stock (10,000 x 39) 390,000
cash 390,000
4 December 15, 2021 cash (5,000 x 44) 220,000
treasury stock (5,000 x 39) 195,000
additional paid-in capital from treasury stock (5,000 x 5) 25,000
.

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