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PB5. LO 14.2 Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,000 shares of its own common stock at $15 per share Apr. 10 Reissued 1,000 shares of its common stock held in the treasury for $18 per share. Jun. 12 Reissued 1,000 shares of common stock at $12 per share Journalize the transactions.

PB5. LO 14.2 Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,000 shares of its own common stock at $15 per share Apr. 10 Reissued 1,000 shares of its common stock held in the treasury for $18 per share. Jun. 12 Reissued 1,000 shares of common stock at $12 per share Journalize the transactions.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.24E
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PB5. LO 14.2 Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,000 shares of its own common stock at $15 per share Apr. 10 Reissued 1,000 shares of its common stock held in the treasury for $18 per share. Jun. 12 Reissued 1,000 shares of common stock at $12 per share Journalize the transactions.
Transcribed Image Text:PB5. LO 14.2 Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Mar. 1 Purchased 2,000 shares of its own common stock at $15 per share Apr. 10 Reissued 1,000 shares of its common stock held in the treasury for $18 per share. Jun. 12 Reissued 1,000 shares of common stock at $12 per share Journalize the transactions.
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Step 1

Introduction:

Journal:

Recording of a business transaction in a chronological order.

First step in the preparation of final account is Recording Journals.

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