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21 May, 16:31

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.

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  1. 21 May, 16:37
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    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
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